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Ilya [14]
3 years ago
15

The following information is available for Coronado Company: Sales Revenue $389600 Freight-In $29300 Ending Inventory 37400 Purc

hase Returns and Allowances 14500 Purchases 269500 Beginning Inventory 45300 Coronado's cost of goods sold under a periodic inventory system is
Business
1 answer:
Arisa [49]3 years ago
3 0

Answer:

$262,900

Explanation:

Net purchases = Purchases - Purchase return and allowances

Net purchases = 269500 - 14500

Net purchases = $255000

Cost of goods available for sale = Beginning Inventory + Net Purchases

Cost of goods available for sale = 45300 + 255000

Cost of goods available for sale = $300300

Cost of Goods sold = Cost of goods available for sale - Ending inventory

Cost of Goods sold = 300300 - 37400

Cost of Goods sold = $262,900

So, Coronado's cost of goods sold under a periodic inventory system is $262,900.

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0.875

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