The following is selected information from Mars Corp. Inventory, February 28, 2018 $453,000 Inventory, March 31, 2018 332,000 Purchase Discounts 12,550 Purchase Returns and Allowances 23,840 Sales 277,800 Sales Discounts 34,620 Gross Purchases 127,900 Compute net purchases, and cost of goods sold for the month of March. Assume the perpetual and periodic methods are used. Net purchases $fill in the blank 1 Cost of Goods Sold $fill in the blank 2
The following is selected information from Mars Corp. Inventory, February 28, 2018 $453,000 Inventory, March 31, 2018 332,000 Purchase Discounts 12,550 Purchase Returns and Allowances 23,840 Sales 277,800 Sales Discounts 34,620 Gross Purchases 127,900 Compute net purchases, and cost of goods sold for the month of March. Assume the perpetual and periodic methods are used. Net purchases $fill in the blank 1 Cost of Goods Sold $fill in the blank 2
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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The following is selected information from Mars Corp.
Inventory, February 28, 2018 | $453,000 |
Inventory, March 31, 2018 | 332,000 |
Purchase Discounts | 12,550 |
Purchase Returns and Allowances | 23,840 |
Sales | 277,800 |
Sales Discounts | 34,620 |
Gross Purchases | 127,900 |
Compute net purchases, and cost of goods sold for the month of March. Assume the perpetual and periodic methods are used.
Net purchases | $fill in the blank 1 |
Cost of Goods Sold | $fill in the blank 2 |
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