Information related to Swifty Co. is presented below. 1. 2. 3. 4. 5. On April 5, purchased merchandise from Mockingbird Company for $20,200 terms 2/10, net/30, FOB shipping point. On April 6 paid freight costs of $520 on merchandise purchased from Mockingbird. On April 7, purchased equipment on account for $29,200. On April 8, returned damaged merchandise to Mockingbird Company and was granted a $4,900 credit for returned merchandise. On April 15 paid the amount due to Mockingbird Company in full.
Information related to Swifty Co. is presented below. 1. 2. 3. 4. 5. On April 5, purchased merchandise from Mockingbird Company for $20,200 terms 2/10, net/30, FOB shipping point. On April 6 paid freight costs of $520 on merchandise purchased from Mockingbird. On April 7, purchased equipment on account for $29,200. On April 8, returned damaged merchandise to Mockingbird Company and was granted a $4,900 credit for returned merchandise. On April 15 paid the amount due to Mockingbird Company in full.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question

Transcribed Image Text:Information related to Swifty Co. is presented below.
1
2.
3.
4
5.
On April 5, purchased merchandise from Mockingbird Company for $20,200 terms 2/10.net/30, FOB shipping point.
On April 6 paid freight costs of $520 on merchandise purchased from Mockingbird.
On April 7, purchased equipment on account for $29,200.
On April 8, returned damaged merchandise to Mockingbird Company and was granted a $4,900 credit for returned
merchandise.
On April 15 paid the amount due to Mockingbird Company in full.

Transcribed Image Text:(b)
On April 20, Swifty sold 50% of the goods purchased from Mockingbird. What amount would they record as cost of goods sold?
Cost of goods sold
eTextbook and Media
eTextbook
$
List of Accounts
Assistance Used
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