The accounts of Aggie Company have the following balances for 2012: Purchases $520,000 Inventory, January 1, 2012, 80,000 Purchase Returns 15,280 Purchase Discounts 1,760 Sales 888,600 12,500 900 1,000 Sales Returns Freight-In Freight-Out The inventory count on December 1, 2012, is $96,000. Using the information given, compute the gross profit for Aggie Company for the year ending December 31, 2012. A. $388,240 B. $387,240 C. $389,140 D. $389,040 E. $413,240

The accounts of Aggie Company have the following balances for 2012: Purchases $520,000 Inventory, January 1, 2012, 80,000 Purchase Returns 15,280 Purchase Discounts 1,760 Sales 888,600 12,500 900 1,000 Sales Returns Freight-In Freight-Out The inventory count on December 1, 2012, is $96,000. Using the information given, compute the gross profit for Aggie Company for the year ending December 31, 2012. A. $388,240 B. $387,240 C. $389,140 D. $389,040 E. $413,240

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 3RE: Reid Company uses the periodic inventory system. On January 1, it had an inventory balance of...

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