For the current fiscal year, Purchases were 275,000, purchase returns and allowances were $8,500, Purchase discounts...
For the current fiscal year, Purchases were 275,000, purchase returns and allowances were $8,500, Purchase discounts were $2,500 and Freight in was $35,000. If the beginning merchandise inventory was $63,000 and the ending merchandise was $81,000, the cost of goods sold is:
Homework Answers
Answer:
Cost of goods sold :
Beginning Merchandise Inventory + ( Purchases - Purchase Returns and Allowances - Purchase discounts + Freight in ) - Ending Merchandise
= $63000 + ( $275000 - $8500 - $2500 + $35000 ) - $81000
= $63000 + $299000 - $81000
= $281000
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