At the beginning of the year, Flounder Shipping Ltd., a company that has a perpetual inventory system, had $51,700 of inventory. During the year, inventory costing $206,800 was purchased. Of this, $24,300 was returned to the supplier and a 5% discount was taken on the remainder. Freight costs incurred by the company for inventory purchases amounted to $2,510. The cost of goods sold during the year was $205,200.

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At the beginning of the year, Flounder Shipping Ltd., a company that has a perpetual inventory system, had $51.700 of inventory. During the year, inventory costing $206,800 was purchased. Of this, $24,300 was returned to the supplier and a 5% discount was taken on the remainder. Freight costs incurred by the company for inventory purchases amounted to $2,510. The cost of goods sold during the year was $205,200. At the beginning of the year, Flounder Shipping Ltd., a company that has a perpetual inventory system, had $51.700 of inventory. During the year, inventory costing $206,800 was purchased. Of this, $24,300 was returned to the supplier and a 5% discount was taken on the remainder. Freight costs incurred by the company for inventory purchases amounted to $2,510. The cost of goods sold during the year was $205,200.