A company using the periodic inventory system has the following account balances: Merchandise Inventory at the beginning of the year, $3,600; Freight-In, $650; Purchases, $10,700; Purchases Returns and Allowances, $1,950; Purchases Discounts, $330. The cost of merchandise purchased is equal to
A. $12,670
B. $9,070
C. $8,420
D. $17,230
Answers (1)
Know the Answer?
Not Sure About the Answer?
Find an answer to your question ✅ “A company using the periodic inventory system has the following account balances: Merchandise Inventory at the beginning of the year, ...” in 📘 Business if you're in doubt about the correctness of the answers or there's no answer, then try to use the smart search and find answers to the similar questions.
Search for Other Answers
You Might be Interested in
There were conceivably an infinite number of courses he could take during his final semester, but since he worked 8-5, Jake needed to take night classes.
Answers (1)
Louise Bragan has a sideline business of carving candlestick holders. She began by hand carving them with simple tools. On average, it costs $150 in materials, and miscellaneous costs ran $50 to produce 1,300 candlestick holders.
Answers (1)
Which of the following would you expect to decrease the demand for tennis racquets? A. A decrease in the price of tennis balls which are complements in consumption of tennis B. An increase in the supply of tennis racquets C.
Answers (1)
A company's budgeted costs for 60,000 units are as follows: Fixed manufacturing costs $30,000 Variable manufacturing costs $15.00 per unit The company produced 50,000 units. How much is the flexible budget total manufacturing cost?
Answers (1)
Consider a market where the demand and supply for the good are described by the following equations: begin mathsize 14px style straight Q subscript straight D space equals space 225 space minus space 3 straight P end style and begin mathsize 14px
Answers (1)
New Questions in Business
As you approach potential investors for you new business, it's important to present them with A. a good, solid business plan. B. your goals for lifelong happiness. C. your highest hopes for success. D. a detailed list of your needs.
Answers (1)
Squirrel Co. operates in a lean manufacturing environment. For June production, Squirrel purchased 6,000 units of raw materials at $6.00 per unit on account. The journal entry required to record this transaction is: a.
Answers (1)
The Collins Company forecasts that total overhead for the current year will be $12,000,000 and that total machine hours will be 200,000 hours. Year to date, the actual overhead is $8,000,000 and the actual machine hours are 100,000 hours.
Answers (1)
A bond has a $1,000 par value, 11 years to maturity, and pays a coupon of 4.75% per year, semiannually. The bond can be called in five years at $1,050. If the bond's price is $797.92, what is its annual yield to maturity
Answers (1)
This inventory system requires a physical inventory count to be made at least once during the year. Answer 1 This inventory system computes and records cost of goods sold at the time of sale.
Answers (1)