ABC Ltd had an initial inventory of $24,000 and an ending inventory of $26,000. Net sales were
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Question:
ABC Ltd had an initial inventory of $24,000 and an ending inventory of $26,000. Net sales were $160,000; acquisitions, $86,000; purchase returns and allowances, $5,000; and freight, $6,000.
Required
a) What is the cost of goods sold for the period?
b) Make journal entries for provisions made on January 5 and freight entries on January 20.
Expert Answer:
a Cost of goods sold Beginning inventory Acquisitions Purchase returns and allowances ... View the full answer
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