Using the following information, what is the amount of net sales? Item Purchases Amount ($) 40,000 Purchases Discounts 1,200 Merchandise Inventory (Jan 1) 6,500 Merchandise Inventory (Jan 31) 7,300 Sales Returns and Allowances 1,100 Sales 75,000 Purchases Returns and Allowances 1,500 Freight In A. 73,900 B. 75,000 C. 74,900 D. 73,800 1,200

Using the following information, what is the amount of net sales? Item Purchases Amount ($) 40,000 Purchases Discounts 1,200 Merchandise Inventory (Jan 1) 6,500 Merchandise Inventory (Jan 31) 7,300 Sales Returns and Allowances 1,100 Sales 75,000 Purchases Returns and Allowances 1,500 Freight In A. 73,900 B. 75,000 C. 74,900 D. 73,800 1,200

Financial Accounting

15th Edition

ISBN:9781337272124

Author:Carl Warren, James M. Reeve, Jonathan Duchac

Publisher:Carl Warren, James M. Reeve, Jonathan Duchac

Chapter7: Inventories

Section: Chapter Questions

Problem 4PEB: Beginning inventory, purchases, and sales for WCS12 are as follows: Assuming a perpetual inventory...

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Beginning inventory, purchases, and sales for WCS12 are as follows: Assuming a perpetual inventory system and using the weighted average method, determine (a) the weighted average unit cost after the October 22 purchase, (b) the cost of the merchandise sold on October 29, and (c) the inventory on October 31.
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