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X Company, a merchandiser, prepares monthly financial statements. The following are account balances in November: Accounts Payable Merchandise Inventory November 1 $59,018 $54,294 November 30
X Company, a merchandiser, prepares monthly financial statements. The following are account balances in November:
Accounts Payable | Merchandise Inventory | |
November 1 | $59,018 | $54,294 |
November 30 | $72,721 | $56,885 |
In November, payments of Accounts Payable were $328,141, and Cost of Goods Sold was $339,253.
Assuming that all merchandise purchases were on account, what were merchandise purchases in November?
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