Winston started business on Jan. 1. During ghe year, the company purchased merchandise with an invoice of 5,000,000. Winston paid 200,000 freight on the merchandise. During the year, Winston returned 800,000 of the merchandise to the supplier. All ourchases were paid for in a timely manner and a 100,000 cash discount was taken. 4,180,000 of the merchandise was sold for 6,270,000. What was the Dec. 31 balance in the inventory account?

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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Winston started business on Jan. 1. During ghe year, the company purchased merchandise with an invoice of 5,000,000. Winston paid 200,000 freight on the merchandise. During the year, Winston returned 800,000 of the merchandise to the supplier. All ourchases were paid for in a timely manner and a 100,000 cash discount was taken. 4,180,000 of the merchandise was sold for 6,270,000. What was the Dec. 31 balance in the inventory account? 

 

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