20. Lunch Co.'s records show the following information: Beginning inventory 60,000 Purchases 500,000 Purchase returns ? Purchase discounts 10,000 Freight-in Total cost of goods available for sale Cost of goods sold 60,000 585,000 510,000 How much are the purchase returns and ending inventory, respectively?
20. Lunch Co.'s records show the following information: Beginning inventory 60,000 Purchases 500,000 Purchase returns ? Purchase discounts 10,000 Freight-in Total cost of goods available for sale Cost of goods sold 60,000 585,000 510,000 How much are the purchase returns and ending inventory, respectively?
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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What is the right answer in the options?
Transcribed Image Text:20. Lunch Co.'s records show the following information:
Beginning inventory
Purchases
60,000
500,000
Purchase returns
?
Purchase discounts
10,000
Freight-in
Total cost of goods available for sale
Cost of goods sold
60,000
585,000
510,000
How much are the purchase returns and ending inventory,
respectively?
Transcribed Image Text:с. 25,000%;B 85,000
d. 15,000; 75,000
а. 25,000; 75,000
С.
b. 0; 75,000
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