A rain coat manufacturing company uses the periodic method and reported the following amounts for the year 2020: Purchase returns and allowances = 5800 Ending inventory = 40000 Opening inventory =41500 Sales revenue =114000 Purchases =77000 Purchase discounts = 7000 Calculate cost of sales for the vear.
A rain coat manufacturing company uses the periodic method and reported the following amounts for the year 2020: Purchase returns and allowances = 5800 Ending inventory = 40000 Opening inventory =41500 Sales revenue =114000 Purchases =77000 Purchase discounts = 7000 Calculate cost of sales for the vear.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question
![A rain coat manufacturing company uses the periodic method and reported the following
amounts for the year 2020:
Purchase returns and allowances = 5800
Ending inventory = 40000
Opening inventory =41500
Sales revenue =114000
Purchases =77000
Purchase discounts = 7000
Calculate cost of sales for the year.](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Ff985831f-fa67-43cd-8d3a-e806adef43e0%2F8ecef34c-ceb4-4f3c-b614-055931dd632f%2Fvf2joj_processed.png&w=3840&q=75)
Transcribed Image Text:A rain coat manufacturing company uses the periodic method and reported the following
amounts for the year 2020:
Purchase returns and allowances = 5800
Ending inventory = 40000
Opening inventory =41500
Sales revenue =114000
Purchases =77000
Purchase discounts = 7000
Calculate cost of sales for the year.
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