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Mar 1 - Beginning Inventory --- 20 units @ $76Mar 7 - Purchase --- 70 units @ $80Mar 18 - Sale --- 25 unitsMar 22 - Purcahse --- 10 units @ $88Mar 29 - Sale --- 40 unitsUnder Perpetual System using Average-Cost Method - what is the Cost of Goods SoldUsing Specific Identification Method - what is the ending inventory?What is the gross margin from sales for the following accounts and balances??Advertising Expense - 14000Common Stock - 100000Dividends - 21000Freight-In - 7000Freight Out Expense - 10000Interest Income - 24000Merchandise Inventory (Jan 1) - 70000Merchandise Inventory (Dec 31) - 56000Purcahses - 60000Purcahses Returns and Allowans - 4000Rent Expense - 9000Retained Earnings - 40000Sales - 152000Sales Returns and Allowances - 19000Wages Expense - 32000
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