Question
The following information was taken from the June accounting records of The Art Center Group: Beginning inventory was $10,000. There were purchases of $20,000 made
The following information was taken from the June accounting records of The Art Center Group: Beginning inventory was $10,000. There were purchases of $20,000 made during the month, with $2,300 being returned. There were also $700 in discounts allowed. Freight in was $1,050. When a physical count of the inventory was made at the end of the month, the counted balance was $7,000. a. What was the total amount of Goods Available for sale during the month?_______________ b. What was the Cost of Goods sold for the month _____________________ c. If Net Sales were $50,000 for the month, what was the gross profit? __________________
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