Please solve the net purchases and cost of goods sold completely. Purchases- 705,000 Freight in - 2,000 Beginning inventory- 25,000 Ending inventory- 30,000 Purchase discounts - 3,000 Purchase returns and allowances - 4,000

Please solve the net purchases and cost of goods sold completely. Purchases- 705,000 Freight in - 2,000 Beginning inventory- 25,000 Ending inventory- 30,000 Purchase discounts - 3,000 Purchase returns and allowances - 4,000

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Question

Please solve the net purchases and cost of goods sold completely.

Purchases- 705,000

Freight in - 2,000

Beginning inventory- 25,000

Ending inventory- 30,000

Purchase discounts - 3,000

Purchase returns and allowances - 4,000

Thanks

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