Assume that Novak Corp. uses a periodic inventory system and has these account balances: Purchases $432,300, Purchase Returns and Allowances $12,600, Purchase Discounts $9,000, and Freight-In $18,300. Determine net purchases and cost of goods purchased. Net purchases Cost of goods purchased $ $

Assume that Novak Corp. uses a periodic inventory system and has these account balances: Purchases $432,300, Purchase Returns and Allowances $12,600, Purchase Discounts $9,000, and Freight-In $18,300. Determine net purchases and cost of goods purchased. Net purchases Cost of goods purchased $ $

College Accounting (Book Only): A Career Approach

13th Edition

ISBN:9781337280570

Author:Scott, Cathy J.

Publisher:Scott, Cathy J.

Chapter11: Work Sheet And Adjusting Entries

Section: Chapter Questions

Problem 3E: Basga Company uses the periodic inventory system. Beginning inventory amounted to 241,072. A...

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Assume that Novak Corp. uses a periodic inventory system and has these account balances: Purchases $432,300, Purchase Returns
and Allowances $12,600, Purchase Discounts $9,000, and Freight-In $18,300.
Determine net purchases and cost of goods purchased.
Net purchases
Cost of goods purchased
$
$

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