Metlock, Inc. accounting records show the following for the year ending on December 31, 2022. Purchase Discounts $ 13400 Freight-in 15400 Purchases 716020 Beginning Inventory 55000 Ending Inventory 46600 Purchase Returns and Allowances 12500 Using the periodic system, the cost of goods purchased is   $726520. $674320. $730520. $705520.

Q: Smith-Kline Company maintains inventory records at selling prices as well as at cost. For 2021, the…

A: Inventory refers to all the items, goods, merchandise, and materials held by a business for selling…

Q: Smith-Kline Company maintains inventory records at selling prices as well as at cost For 2021, the…

A: LIFO was an costing method where it was used in inventory valuation in which the recent produced…

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A: Periodic inventory system: Periodic inventory system is a system, in which the inventory is updated…

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A: Note: Since we are entitled to answer 1 question up to 3 sub-parts, we’ll answer the first question…

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A: The solution are as follows

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