The tollowing accounts are extracted from the worksheet of X Company on December 31, 2020: Cost of Goods Sold Freight in Inventory (January 1. 2020) Purcha ses Purchases Discount Purcha ses Returns and All owances $950.000 200,000 300.000 980.000 60.000 40,000

The tollowing accounts are extracted from the worksheet of X Company on December 31, 2020: Cost of Goods Sold Freight in Inventory (January 1. 2020) Purcha ses Purchases Discount Purcha ses Returns and All owances $950.000 200,000 300.000 980.000 60.000 40,000

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter6: Merchandising Transactions

Section: Chapter Questions

Problem 15EA: The following select account data is taken from the records of Reese Industries for 2019. A. Use the...

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Question

The following accounts are extracted from the worksheet of X Company on
December 31, 2020:
Cost of Goods Sold
Freight in
Inventory (January 1. 2020)
Purchases
Purcha ses Discount
Purcha ses Returns and Allowances
$950.000
200,000
300.000
980.000
60.000
40.000
the cla

Based on the data above, net purchases were:
$880,000
O $1,080,000
O $680,000
None of the above.

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