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LekaFEV [45]
3 years ago
5

James Company began the month of October with inventory of $32,000. The following inventory transactions occurred during the mon

th:a. The company purchased merchandise on account for $47,500 on October 12, 2016. Terms of the purchase were 1/10, n/30. James uses the net method to record purchases. The merchandise was shipped f.o.b. shipping point and freight charges of $670 were paid in cash.b. On October 31, James paid for the merchandise purchased on October 12.c. During October merchandise costing $20,550 was sold on account for $31,400.d. It was determined that inventory on hand at the end of October cost $59,145.
Business
1 answer:
NARA [144]3 years ago
3 0

Answer

The answer and procedures of the exercise are attached in the following archives.

Explanation  

You will find the procedures, formulas or necessary explanations in the archive attached below. If you have any question ask and I will aclare your doubts kindly.  

Download xlsx
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