Identify the errors in the following schedule of cost of merchandise sold for the current year ended
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Cost of merchandise sold: Merchandise inventory, March 31, 2008 Plus: Purchases returns and allowances Gross purchases .. . $135,750 $852,100 $10,500 8,000 Purchases discounts 18,500 $870,600 7,500 Less transportation in....i... Cost of merchandise purchased Merchandise available for sale ···· 863,100 $998,850 115,150 883,700 . . . ..
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1 The schedule should begin with the April 1 2007 not the March 31 2008 merchandise inventory 2 Purc...View the full answer
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Related Book For
Accounting
ISBN: 978-0324401844
22nd Edition
Authors: Carl S. Warren, James M. Reeve, Jonathan E. Duchac
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