Based on the following data, determine the cost of merchandise sold for July: $ 34,900 Increase in estimated returns inventory Merchandise inventory, July 1 Merchandise inventory, July 31 190,850 160,450 Purchases 1,126,000 Purchases returns and allowances 46,000 Purchases discounts 23,000 Freight in 17,500
Based on the following data, determine the cost of merchandise sold for July: $ 34,900 Increase in estimated returns inventory Merchandise inventory, July 1 Merchandise inventory, July 31 190,850 160,450 Purchases 1,126,000 Purchases returns and allowances 46,000 Purchases discounts 23,000 Freight in 17,500
Financial Accounting
15th Edition
ISBN:9781337272124
Author:Carl Warren, James M. Reeve, Jonathan Duchac
Publisher:Carl Warren, James M. Reeve, Jonathan Duchac
Chapter7: Inventories
Section: Chapter Questions
Problem 25E: On the basis of the following data, estimate the cost of the merchandise inventory at June 30 by the...
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![Based on the following data, determine the cost of merchandise sold for July:
$ 34,900
Increase in estimated returns inventory
Merchandise inventory, July 1
Merchandise inventory, July 31
190,850
160,450
Purchases
1,126,000
Purchases returns and allowances
46,000
Purchases discounts
23,000
Freight in
17,500](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F5701a85d-9f75-419b-8c0c-75d10ed9aa8a%2Fd572d763-a2b8-4272-b7ce-8355da7a5505%2Fboabyem.jpeg&w=3840&q=75)
Transcribed Image Text:Based on the following data, determine the cost of merchandise sold for July:
$ 34,900
Increase in estimated returns inventory
Merchandise inventory, July 1
Merchandise inventory, July 31
190,850
160,450
Purchases
1,126,000
Purchases returns and allowances
46,000
Purchases discounts
23,000
Freight in
17,500
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