On Jan 1, 20Y1, RTX Co. had a balance of $1,500 in their Inventory account. Purchases...

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On Jan 1, 20Y1, RTX Co. had a balance of $1,500 in their Inventory account. Purchases during the period were $24,000 on terms, 2/10, n30. Purchase returns were $2,000 and transportation paid by RTX on inventory purchases was $500. All payments for inventory were made within the discount period. If the Inventory balance on December 31, 20Y1 is $1,800, determine the Cost of Goods Sold for 20Y1. $21,710 $20,260 cannot be determined $21,750 $21,760 On Jan 1, 20Y1, RTX Co. had a balance of $1,500 in their Inventory account. Purchases during the period were $24,000 on terms, 2/10, n30. Purchase returns were $2,000 and transportation paid by RTX on inventory purchases was $500. All payments for inventory were made within the discount period. If the Inventory balance on December 31, 20Y1 is $1,800, determine the Cost of Goods Sold for 20Y1. $21,710 $20,260 cannot be determined $21,750 $21,760

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