Mira Enterprises reported the following transactions:

Cash balance Jan $1,2023$ $ $37,000$

Inventory balance Jan $1,2023$ $ $20,000$

Purchases during the period $ $348,000$

Purchase discounts $ $16,800$

Purchase returns $ $17,000$

Cost of goods sold $ $302,000$

Sales $ Sales returns $ $15,000$

Sales discounts $$10,000$

Cash balance Dec $31,2023$ $ $51,000$

A physical inventory count conducted on Dec $31,2023$ revealed inventory with a cost of $$34,000.$

REQUIRED:

$1.$ Compute the cost of goods available for sale.

$2.$ Prepare the required adjusting entry to record inventory shrinkage.

$3.$ Compute the gross profit $($using the adjusted figures after the adjusting entry in $(2)$ above$\mathrm{).}$

Answer rating: 100% (QA)

1 Compute the Cost of Goods Available for Sale To compute the cost of goods available for sale we ad... View the full answer