Rees Distributors uses the periodic inventory system. Rees reported these amounts at May 31, 2014: Inventory, May
Question:
Inventory, May 31, 2013 ............... $ 29,000
Inventory, May 31, 2014 .................. 31,000
Purchases (of inventory) ................... 92,000
Purchase Discounts............................... 2,000
Purchase Returns.................................. 3,000
Freight In .............................................4,000
Sales Revenue...................................200,000
Sales Discounts....................................3,000
Sales Returns........................................5,000
Compute Rees Distributors':
a. Net sales revenue
b. Cost of goods sold
c. Gross margin
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Related Book For
Accounting Volume 1
ISBN: 978-0132690096
9th Canadian edition
Authors: Charles T. Horngren, Walter T. Harrison, Jo Ann L. Johnston, Carol A. Meissner, Peter R. Norwood
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