Question: Identify the errors in the following schedule of cost of merchandise sold for the current year ended March 31,2012: Cost of merchandise sold: $ 75,000

Identify the errors in the following schedule of cost of merchandise sold for the current year ended March 31,2012:

Cost of merchandise sold: $ 75,000 Merchandise inventory, March 31, 2012 Purchases.. Plus: Purchases returns and allowarnces. Purchases discounts Gross purchases ..... Less freight in ,..... $900,000 S18,000 12,000 30,000 Do0'oEes 920,000 $995,000 80,000 10,000 Cost of merchandise purchased.. Merchandise available for sale. ........................ Less merchandise inventory, April 1, 2011 Cost of merchandise sold... $915,D00

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