Zeta Manufacturing Inc. purchased inventory for $120,000. Purchase returns and allowances were $3,500, and freight in was $5,000. The beginning inventory was $60,000, and the ending inventory was $45,000. What is the cost of merchandise sold? a) $125,500 b) $110,000 c) $136,500 d) $115,000 e) None of the above

Zeta Manufacturing Inc. purchased inventory for $120,000. Purchase returns and allowances were $3,500, and freight in was $5,000. The beginning inventory was $60,000, and the ending inventory was $45,000. What is the cost of merchandise sold? a) $125,500 b) $110,000 c) $136,500 d) $115,000 e) None of the above

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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