The following information applied to RYXBonus Company for the current year: Merchandise purchased for resale 4,000,000 Freight in 100,000 Freight out 50,000 Purchase returns 20,000 Interest on inventory loan 200,000 What is the inventoriable cost of the purchase? Group of answer choices 4,230,000 4,030,000 4,080,000 3,880,000

The following information applied to RYXBonus Company for the current year: Merchandise purchased for resale 4,000,000 Freight in 100,000 Freight out 50,000 Purchase returns 20,000 Interest on inventory loan 200,000 What is the inventoriable cost of the purchase? Group of answer choices 4,230,000 4,030,000 4,080,000 3,880,000

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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Applying the Cost of Goods Sold Model The following amounts were obtained from Stanwick Company's accounting records. 2019 2020 Net sales $388,600 $427,460 Cost of goods sold: Beginning inventory $36,800 (d) Purchases (a) 296,700 Goods available for sale (b) (e) Ending inventory 42,740 (f) Cost of goods sold (c) 296,070 Gross margin $123,040 (g) Instructions: Compute the missing amounts. Input your answers as positive numbers. 2019 2020 Net sales $388,600 $427,460 Cost of goods sold: Beginning inventory $36,800 $fill in the blank 1 Purchases fill in the blank 2 296,700 Goods available for sale fill in the blank 3 fill in the blank 4 Ending inventory 42,740 fill in the blank 5 Cost of goods sold fill in the blank 6 296,070 Gross margin $123,040 $fill in the blank 7
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