20. Lunch Co.'s records show the following information: Beginning inventory 60,000 Purchases 500,000 Purchase returns ? Purchase discounts 10,000 Freight-in Total cost of goods available for sale Cost of goods sold 60,000 585,000 510,000 How much are the purchase returns and ending inventory, respectively?

20. Lunch Co.'s records show the following information: Beginning inventory 60,000 Purchases 500,000 Purchase returns ? Purchase discounts 10,000 Freight-in Total cost of goods available for sale Cost of goods sold 60,000 585,000 510,000 How much are the purchase returns and ending inventory, respectively?

Cornerstones of Financial Accounting

4th Edition

ISBN:9781337690881

Author:Jay Rich, Jeff Jones

Publisher:Jay Rich, Jeff Jones

Chapter6: Cost Of Goods Sold And Inventory

Section: Chapter Questions

Problem 6MCQ: Refer to the information for Morgan Inc. above. If Morgan uses a perpetual inventory system, what is...

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