I want to this question answer general accounting XYZ Trading purchased inventory for $75,000. TheirPurchase Returns and Allowances were $3,000 and FreightIn was $5,000. If the beginning inventory was $45,000 andthe ending inventory was $32,000, calculate the cost ofmerchandise sold.a) $85,000b) $90,000c) $92,000d) $95,000

Cost of goods sold = Beginning inventory + Net Purchases - Ending inventory Net purchases =…

Answered: XYZ Trading purchased inventory for…

College Accounting, Chapters 1-27

23rd Edition

ISBN:9781337794756

Author:HEINTZ, James A.

Publisher:HEINTZ, James A.

Chapter13: Accounting For Merchandise Inventory

Section: Chapter Questions

Problem 4CE: Kulsrud Company would like to estimate the current inventory level. Using the gross profit method...

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Kulsrud Company would like to estimate the current inventory level. Using the gross profit method and the following information, estimate the current inventory level for Kulsrud Company. Goods available for sale 100,000 Net sales 150,000 Normal gross profit as a percent of sales 40%
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XYZ Trading purchased inventory for $75,000. Their Purchase Returns and Allowances were $3,000 and Freight In was $5,000. If the beginning inventory was $45,000 and the ending inventory was $32,000, calculate the cost of merchandise sold. a) $85,000 b) $90,000 c) $92,000 d) $95,000