Trift Company made total purchases of $305,000 in the most current year. It paid freight in of $2,000 on its purchases. Freight out, the cost to deliver the merchandise when it was sold to Trift's customers, totaled $7,200. Of the total purchases Trift made during the period, it returned $23,500 of the merchandise. Trift took advantage of $2,600 of purchase discounts offered by its vendors. What was Trift's cost of inventory? Trift's cost of inventory is C

FINANCIAL ACCOUNTING
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Author:Libby
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Chapter1: Financial Statements And Business Decisions
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Trift Company made total purchases of $305,000 in the most current year. It paid freight in of $2,000 on its purchases. Freight out, the cost to deliver the merchandise when
it was sold to Trift's customers, totaled $7,200. Of the total purchases Trift made during the period, it returned $23,500 of the merchandise. Trift took advantage of $2,600 of
purchase discounts offered by its vendors. What was Trift's cost of inventory?
Trift's cost of inventory is
C
Transcribed Image Text:Trift Company made total purchases of $305,000 in the most current year. It paid freight in of $2,000 on its purchases. Freight out, the cost to deliver the merchandise when it was sold to Trift's customers, totaled $7,200. Of the total purchases Trift made during the period, it returned $23,500 of the merchandise. Trift took advantage of $2,600 of purchase discounts offered by its vendors. What was Trift's cost of inventory? Trift's cost of inventory is C
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