James Corp provided the ff. information for the current year: Beginning inventory 400,000 Freight in 300,000 Purchase returns 900,000 Ending inventory 500,000 Selling Expenses 1,250,000 Sales Discount 250,000 The Cost of good sold is six times the selling expense. What is the amount of gross purchases? 6,500,000 6,700,000 8,000,000 8,200,000
James Corp provided the ff. information for the current year: Beginning inventory 400,000 Freight in 300,000 Purchase returns 900,000 Ending inventory 500,000 Selling Expenses 1,250,000 Sales Discount 250,000 The Cost of good sold is six times the selling expense. What is the amount of gross purchases? 6,500,000 6,700,000 8,000,000 8,200,000
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Problem 2-1
James Corp provided the ff. information for the current year:
Beginning inventory 400,000
Freight in 300,000
Purchase returns 900,000
Ending inventory 500,000
Selling Expenses 1,250,000
Sales Discount 250,000
The Cost of good sold is six times the selling expense.
What is the amount of gross purchases?
- 6,500,000
- 6,700,000
- 8,000,000
- 8,200,000
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