North star General Supplies has provided the following financial data for its most recent fiscal year: Category Amount ($) Sales $180,000 Beginning Inventory $25,000 Ending Inventory $18,000 Purchases $55,000 Purchase Returns $2,500 Purchase Discounts $4,000 Transportation-In $3,000 Sales Discounts $12,000 Sales Returns $7,000 $5,000 Transportation-Out Selling & Admin Expenses $30,000 1. Calculate Net Sales 2. Calculate Cost of Goods Sold (COGS)

North star General Supplies has provided the following financial data for its most recent fiscal year: Category Amount ($) Sales $180,000 Beginning Inventory $25,000 Ending Inventory $18,000 Purchases $55,000 Purchase Returns $2,500 Purchase Discounts $4,000 Transportation-In $3,000 Sales Discounts $12,000 Sales Returns $7,000 $5,000 Transportation-Out Selling & Admin Expenses $30,000 1. Calculate Net Sales 2. Calculate Cost of Goods Sold (COGS)

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter7: Inventories: Cost Measurement And Flow Assumptions

Section: Chapter Questions

Problem 2RE: On January 1, Pope Enterprises inventory was 625,000. Pope made 950,000 of net purchases during the...

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Hartwell Sporting Goods provided the following