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QveST [7]
3 years ago
14

Mountain Lake Corporation's accounting records show the following at year-end December 31, 2014:

Business
1 answer:
Montano1993 [528]3 years ago
4 0

Answer:

Cost of goods purchased= $161,560

Cost of goods sold= $165,050

Explanation:

1. Cost of goods purchased (net) = Purchases - Purchase discount - purchase returns and allowances + Freight in

= $164,250 - $7,230 - $4,190 + $8,730

=$161,560

2. Cost of goods sold = Beginning inventory + Net purchase - Ending inventory

= $32,660 + $161,560 - $29,170

= $165,050

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3 years ago
If the exchange rate between the u.s. dollar and japanese yen changes from $1=70 yen to $1=100 yen, then?
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What happens in the foreign exchange market when a surplus of dollars exists?

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