Answer:
Net Purchase = $365,000
Cost Of Goods purchased = $382,100
Explanation:
given data
Purchases = $383,500
Purchase Returns and Allowances = $12,100
Purchase Discounts = $6,400
Freight-in = $17,100
to find out
net purchases and cost of goods purchased
solution
we know that Net Purchase is express as
Net Purchase = Purchases - Purchase Discount - Purchase Return and Allowances .........................1
put here value in equation 1 we get
Net Purchase = $383,500 - $6,400 - $12,100
Net Purchase = $365,000
and
Cost Of Goods purchased = Net Purchase + Freight ....................2
so put here value
Cost Of Goods purchased = $365,000 + $17,100
Cost Of Goods purchased = $382,100
