Problem 13-11 (IAA)Fairy Company provided the following information:20202021SalesBeginning inventoryPurchasesFreight inPurchase discountsPurchase returnsPurchase allowancesEnding inventory7,500,0001,260,0006,450,000350,00090,000120,00020,0002,355,0004,500,0003,180,000220,00045,00040,00015,000What amount should be reported as inventory on December31, 2021?a. 2,370,000b. 2,025,000c. 3,285,000d. 2,505,00007

Name: Problem 13-11 (IAA)Fairy Company provided the following information:2
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Description: Problem 13-11 (IAA)Fairy Company provided the following information:20202021SalesBeginning inventoryPurchasesFreight inPurchase discountsPurchase returnsPurchase allowancesEnding inventory7,500,0001,260,0006,450,000350,00090,000120,00020,0002,355,00

Calculation of Gross Profit Rate for the Year 2020: Gross Profit = Sales + Purchase Discount +…

Business

Accounting

airy Company provided the following information: 2020 2021 les eginning inventory archases eight in rchase discounts rchase returns rchase allowances 7,500,000 1,260,000 6,450,000 350,000 90,000 120,000 20,000 2,355,000 4,500,000 3,180,000 220,000 45,000 40,000 15,000 ding inventory nat amount should be reported as inventory on Decembes 2021? 2,370,000

airy Company provided the following information: 2020 2021 les eginning inventory archases eight in rchase discounts rchase returns rchase allowances 7,500,000 1,260,000 6,450,000 350,000 90,000 120,000 20,000 2,355,000 4,500,000 3,180,000 220,000 45,000 40,000 15,000 ding inventory nat amount should be reported as inventory on Decembes 2021? 2,370,000

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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