Following are the account balances from Samuel Company's statement of comprehensive income: Inventory, January 1, 2017 $25,000 Purchases 35,000 Purchase returns 2,000 Purchase discounts 4,000 Freight-in 5,000 Inventory, December 31, 2017 10,000 Freight-out 6,000 Given this information, the cost of merchandise available for sale during 2017 is Oa. $69,000 Ob. $65,000 Oc. $59,000 Od. $61,000
Following are the account balances from Samuel Company's statement of comprehensive income: Inventory, January 1, 2017 $25,000 Purchases 35,000 Purchase returns 2,000 Purchase discounts 4,000 Freight-in 5,000 Inventory, December 31, 2017 10,000 Freight-out 6,000 Given this information, the cost of merchandise available for sale during 2017 is Oa. $69,000 Ob. $65,000 Oc. $59,000 Od. $61,000
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question
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Given this information, the cost of merchandise available for sale during 2017 is?
![Following are the account balances from Samuel Company's statement of comprehensive income:
Inventory, January 1, 2017
$25,000
Purchases
35,000
Purchase returns
2,000
Purchase discounts
4,000
Freight-in
5,000
Inventory, December 31, 2017
10,000
Freight-out
6,000
Given this information, the cost of merchandise available for sale during 2017 is
Oa. $69,000
Ob. $65,000
Oc. $59,000
Od. $61,000](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F85843d06-cdf2-4f70-8d86-9a6c4cf333e8%2F0bbff90e-552f-4248-ba7f-c53dff5e14d6%2F5nyp4pd_processed.png&w=3840&q=75)
Transcribed Image Text:Following are the account balances from Samuel Company's statement of comprehensive income:
Inventory, January 1, 2017
$25,000
Purchases
35,000
Purchase returns
2,000
Purchase discounts
4,000
Freight-in
5,000
Inventory, December 31, 2017
10,000
Freight-out
6,000
Given this information, the cost of merchandise available for sale during 2017 is
Oa. $69,000
Ob. $65,000
Oc. $59,000
Od. $61,000
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