Based on the following data, determine the cost of merchandise sold for July: Particulars Amount ($) Merchandise inventory, July 1 40,000 Merchandise inventory, July 31 45,000 Purchases 380,000 Purchases returns and allowances 10,000 Purchases discounts Freight in 4,000 7,000

Based on the following data, determine the cost of merchandise sold for July: Particulars Amount ($) Merchandise inventory, July 1 40,000 Merchandise inventory, July 31 45,000 Purchases 380,000 Purchases returns and allowances 10,000 Purchases discounts Freight in 4,000 7,000

Financial Accounting

15th Edition

ISBN:9781337272124

Author:Carl Warren, James M. Reeve, Jonathan Duchac

Publisher:Carl Warren, James M. Reeve, Jonathan Duchac

Chapter6: Accounting For Merchandising Businesses

Section: Chapter Questions

Problem 38E: Based on the following data, determine the cost of merchandise sold for July:

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Question

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Hi expert please give me answer general accounting question

Based on the following data, determine the cost of merchandise
sold for July:
Particulars
Amount ($)
Merchandise inventory, July 1
40,000
Merchandise inventory, July 31
45,000
Purchases
380,000
Purchases returns and allowances 10,000
Purchases discounts
Freight in
4,000
7,000

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