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Your efforts are greatly appreciated ! The following information for 2019 is available for Marino Company: 1. The beginning inventory is $91,000. 2. Purchases returns
Your efforts are greatly appreciated !
The following information for 2019 is available for Marino Company: 1. The beginning inventory is $91,000. 2. Purchases returns of $3,000 were made. 3. Purchases of $288,000 were made on terms of 1/10,n/30. Eighty percent of the discounts were taken. 4. At December 31 , purchases of $27,000 were in transit, FOB destination, on terms of 1/10,n/30. 5. The company made sales of $640,000. The gross selling price per unit is twice the net cost of each unit sold. 6. Sales allowances of $9,000 were made. 7. The company uses the LFO periodic method and the gross method for purchase discounts Step by Step Solution
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