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The following information is provided: Beginning inventory $64,000 Purchases 128,000 Purchase returns and allowances 9,600 Purchase discounts 12,800 Freight-in ? Cost of goods available for sale 176,000 Ending inventory ? Cost of goods sold 70,400 Given the information above, determine the amount of freight-in. Oa. $9,600 Ob. $12,800 Oc. $3,200 Od. $6,400

The following information is provided: Beginning inventory $64,000 Purchases 128,000 Purchase returns and allowances 9,600 Purchase discounts 12,800 Freight-in ? Cost of goods available for sale 176,000 Ending inventory ? Cost of goods sold 70,400 Given the information above, determine the amount of freight-in. Oa. $9,600 Ob. $12,800 Oc. $3,200 Od. $6,400

FINANCIAL ACCOUNTING
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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The following information is provided: Beginning inventory $64,000 Purchases 128,000 Purchase returns and allowances 9,600 Purchase discounts 12,800 Freight-in ? Cost of goods available for sale 176,000 Ending inventory Cost of goods sold 70,400 Given the information above, determine the amount of freight-in. Oa. $9,600 Ob. $12,800 Oc. $3,200 Od. $6,400
Transcribed Image Text:The following information is provided: Beginning inventory $64,000 Purchases 128,000 Purchase returns and allowances 9,600 Purchase discounts 12,800 Freight-in ? Cost of goods available for sale 176,000 Ending inventory Cost of goods sold 70,400 Given the information above, determine the amount of freight-in. Oa. $9,600 Ob. $12,800 Oc. $3,200 Od. $6,400
Following are the account balances from Samuel Company's statement of comprehensive income: Inventory, January 1, 2017 $25,000 Purchases 35,000 Purchase returns 2,000 Purchase discounts 4,000 Freight-in 5,000 Inventory, December 31, 2017 10,000 Freight-out 6,000 Given this information, the cost of merchandise available for sale during 2017 is Oa. $69,000 Ob. $65,000 Oc. $59,000 Od. $61,000
Transcribed Image Text:Following are the account balances from Samuel Company's statement of comprehensive income: Inventory, January 1, 2017 $25,000 Purchases 35,000 Purchase returns 2,000 Purchase discounts 4,000 Freight-in 5,000 Inventory, December 31, 2017 10,000 Freight-out 6,000 Given this information, the cost of merchandise available for sale during 2017 is Oa. $69,000 Ob. $65,000 Oc. $59,000 Od. $61,000
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