Based on the following data, determine the cost of merchandise sold for November: Increase in estimated returns
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Question:
Based on the following data, determine the cost of merchandise sold for November:
Increase in estimated returns inventory $11,900
Merchandise inventory, November 119,800
Merchandise inventory, November 30 37,900
Purchases 395,200
Purchases returns and allowances 13,400
Purchases discounts 7,900
Freight in 5,500
The cost of merchandise sold section includes the beginning inventory, plus net purchases, plus freight in, less the ending inventory.
Related Book For
Financial and Managerial Accounting
ISBN: 978-0538480895
11th Edition
Authors: Jonathan E. Duchac, James M. Reeve, Carl S. Warren
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