Answer:
The answer is:
A. $239,000
B.
June 30
Dr Cost of goods sold. $239,000
Closing Inventory $40,600
Purchase returns $10,600
Purchase discounts $ 6,600
Cr Opening Inventory. $ 32,600
Purchase $247,000
Freight-in $18,200
Explanation:
Net purchase is
Purchases. $246,000
Minus: Purchase discounts $6,600
Minus:Purchase returns $10,600
Plus: Freight-in $18,200
Net purchase. $247,000
A.
Cost of sales:
Opening Inventory $32,600
Plus: Purchases. $247,000
Minus: closing Inventory. $40,600
Cost of sales. $239,000
B.
June 30
Dr Cost of goods sold. $239,000
Closing Inventory $40,600
Purchase returns $10,600
Purchase discounts $ 6,600
Cr Opening Inventory. $ 32,600
Purchase $247,000
Freight-in $18,200
