Chapter 13, Problem 9P

Can you help me solve this general accounting problem using the correct accounting process?

Please give me answer with accounting question

General Accounting

For the current fiscal year, Purchases were $380,000, Purchase Returns and Allowances were $12,000, Purchase Discounts were $5,500, and Freight-In was $52,000. If the beginning merchandise inventory was $75,000 and the ending merchandise inventory was $102,000, what is the Cost of Goods Sold (COGS)? Right Answer

What is the amount of cost of goods sold?

Please provide the answer to this general accounting question with proper steps.

A corporation purchases land and a warehouse on the land. The land is appraised at $150,000, and the warehouse at $250,000. If the cost of the property is $380,000 in total, then the portion of the cost allocable to the land is _____.

Please explain the solution to this general accounting problem with accurate principles.

Can you explain the correct methodology to solve this financial accounting problem?