A firm had merchandise inventory of 52,500 on January 1 2016 and had purchases of 60,000 freight in of 300 purchases returns and allowances of 3,800 and purchases discounts of 1,400 during 2016 The firm had merchandise inventory of 42,000 on December 31 2016. 

1. What net delivered cost of purchases was shown for the year ended December 31 2016 on the classified income statement?

2.What was the cost of good sold?

Answer rating: 100% (QA)

Answer 18257 Net Delivered cost of purchase Cost of Goods Sold ... View the full answer