tion 1 A firm had merchandise inventory of $51,000 on January 1, 2020, and had purchases of $59,000, freight in of $900, purchases returns and allowances of $3,700, and purchases discounts of $1,300 during 2020. The firm had merchandise inventory of $41,000 on December 31, 2020. 1. What net delivered cost of purchases was shown for the year ended December 31, 2020, on the classified income statement? Cost of purchases 2. What was the cost of goods sold? Cost of goods sold ( Prev 25 of 46 Next > ype here to search