At the beginning of the year, Marine Shipping Ltd., a company that has a perpetual inventory system, had $51,700 of inventory. During the year, inventory costing $206,800 was purchased. Of this, $24,300 was returned to the supplier and a 5% discount was taken on the remainder. Freight costs incurred by the company for inventory purchases amounted to $2,510. The cost of goods sold during the year was $205,200. Determine the balance in the Inventory account at the end of the year. (Do not use $ signs or commas in your answer. Do not round intermediary calculations. Only round final answers to 2 decimal places ex: 5.25)
At the beginning of the year, Marine Shipping Ltd., a company that has a perpetual inventory system, had $51,700 of inventory. During the year, inventory costing $206,800 was purchased. Of this, $24,300 was returned to the supplier and a 5% discount was taken on the remainder. Freight costs incurred by the company for inventory purchases amounted to $2,510. The cost of goods sold during the year was $205,200. Determine the balance in the Inventory account at the end of the year. (Do not use $ signs or commas in your answer. Do not round intermediary calculations. Only round final answers to 2 decimal places ex: 5.25)
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:At the beginning of the year, Marine Shipping Ltd., a company that has a perpetual inventory system, had $51,700 of inventory. During the year, inventory costing $206,800 was
purchased. Of this, $24,300 was returned to the supplier and a 5% discount was taken on the remainder. Freight costs incurred by the company for inventory purchases amounted to
$2,510. The cost of goods sold during the year was $205,200.
Determine the balance in the Inventory account at the end of the year.
(Do not use $ signs or commas in your answer. Do not round intermediary calculations. Only round final answers to 2 decimal places ex: 5.25)
QUESTION 29
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