The following data was taken from ledger account balances and supplementary data for the XYZ Company. Merchandise
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Question:
The following data was taken from ledger account balances and supplementary data for the XYZ Company.
Merchandise inventory, beginning | 20,000 |
Merchandise inventory, ending | 23,000 |
Purchases | 215,000 |
Purchases discounts | 6,000 |
Purchases returns and allowances | 3,000 |
Sales | 400,000 |
Sales discounts | 3,200 |
Sales returns and allowances | 1,800 |
Freight- in | 10,000 |
REQUIRED :
Show the computation, in proper format, of net sales, cost of goods sold, and gross profit for the year ended December 31, 2016.
Related Book For
Numerical Methods For Engineers
ISBN: 9780071244299
5th Edition
Authors: Steven C. Chapra, Raymond P. Canale
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