The accounts of Berrett Company have the following balances for 2012: Purchases . . . . .
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Purchases . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $520,000
Inventory, January 1, 2012 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 80,000
Purchase returns . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15,280
Purchase discounts . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,760
Freight in . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 24,800
Freight out (selling expense) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,800
Cash . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8,000
The inventory count on December 31, 2012, is $96,000. Using the information given, compute the cost of goods sold for Berrett Company for 2012.
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Accounting concepts and applications
ISBN: 978-0538745482
11th Edition
Authors: Albrecht Stice, Stice Swain
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