8. Using the following information, what is the amount of cost of merchandisesold?PurchasesMerchandise inventory April 1Sales returns and allowancesPurchases returns and allowancesP28,0006,5007501,000P800Purchases discountsMerchandise inventory April 307,80057,000Sales880Transportation ina. 25,780b. 23,270C. 31,220d. 24,020

Cost of merchandise sold means for how much cost or value of goods have been sold in the open…

8. Using the following information, what is the amount of cost of merchandise sold? Purchases P28,000 Merchandise inventory April 1 6,500 Sales returns and allowances 750 Purchases returns and allowances 1,000 Purchases discounts P800 7,800 57,000 Merchandise inventory April 30 Sales 880 Transportation in a. 25,780 b. 23,270 C. 31,220 d. 24,020

8. Using the following information, what is the amount of cost of merchandise sold? Purchases P28,000 Merchandise inventory April 1 6,500 Sales returns and allowances 750 Purchases returns and allowances 1,000 Purchases discounts P800 7,800 57,000 Merchandise inventory April 30 Sales 880 Transportation in a. 25,780 b. 23,270 C. 31,220 d. 24,020

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 16MCQ: ( Appendix 6B) Refer to the information for Morgan Inc. above. If Morgan uses a periodic inventory...

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( Appendix 6B) Refer to the information for Morgan Inc. above. If Morgan uses a periodic inventory system, what is the cost of goods sold under FIFO at April 30? a. $32,800 b. $38,400 c. $63,600 d. $69,200
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