Homework Answers
Answers: $ 454,500
Cost of Goods Sold = Beginning inventory + Purchases - Ending inventory
Net purchases = Purchases - Returns and Allowances - Discount +Freight in
Net purchases =475,000-15000-9000+7000 = $458,000
Cost of Goods sold = 28000+458,000-31,500 = $454,500
Answer: 440,000
Beginning Inventory (-) Estimated Returns November (+) Purchases (-) Purchases returns and allowances (-) Purchases discounts (+) Freight In (-) Ending Inventory
28,000 - 14,500 + 475,000 - 15,000 - 9,000 + 7,000 - 31,500 = 440,000
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