The following information for the year Year 1 is taken from the accounts of Tuttle Company. The
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The following information for the year Year 1 is taken from the accounts of Tuttle Company. The company uses the periodic inventory method.
Inventory, December 31, Year 1 | $ | 9,200 | |
Purchases | 41,200 | ||
Purchase returns and allowances | 720 | ||
Purchase discounts | 520 | ||
Freight on goods purchased under terms FOB shipping point | 1,720 | ||
Freight on goods sold under terms FOB destination | 920 | ||
Cost of goods sold | 29,600 |
Based on this information, Find the inventory at December 31, Year 2.
Related Book For
Intermediate Accounting Reporting and Analysis
ISBN: 978-1285453828
2nd edition
Authors: James M. Wahlen, Jefferson P. Jones, Donald Pagach
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