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At the end of Roshek Department Store's fiscal year on December 31, 2014, these accounts appeared in its adjusted trial balance as below. Purchases 60000 Beginning Inventory 5000, Purchase Discounts 1500 Purchase Returns and Allowances 1500 Freight-out 1000 Freight-In 500 Additional facts: Merchandise inventory on December 31, 2014, is $7500. The amount of Cost of Goods Sold on December 31, 2014, would be:

At the end of Roshek Department Store's fiscal year on December 31, 2014, these accounts appeared in its adjusted trial balance as below. Purchases 60000 Beginning Inventory 5000, Purchase Discounts 1500 Purchase Returns and Allowances 1500 Freight-out 1000 Freight-In 500 Additional facts: Merchandise inventory on December 31, 2014, is $7500. The amount of Cost of Goods Sold on December 31, 2014, would be:

Intermediate Accounting: Reporting And Analysis
Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter7: Inventories: Cost Measurement And Flow Assumptions
Section: Chapter Questions
Problem 11RE: Jessie Stores uses the periodic system of calculating inventory. The following information is...
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At the end of Roshek Department Store's fiscal year on December 31, 2014, these accounts appeared in its adjusted trial balance as below. Purchases 60000 Beginning Inventory 5000, Purchase Discounts 1500 Purchase Returns and Allowances 1500 Freight-out 1000 Freight-In 500 Additional facts: Merchandise inventory on December 31, 2014, is $7500. The amount of Cost of Goods Sold on December 31, 2014, would be:
Transcribed Image Text:At the end of Roshek Department Store's fiscal year on December 31, 2014, these accounts appeared in its adjusted trial balance as below. Purchases 60000 Beginning Inventory 5000, Purchase Discounts 1500 Purchase Returns and Allowances 1500 Freight-out 1000 Freight-In 500 Additional facts: Merchandise inventory on December 31, 2014, is $7500. The amount of Cost of Goods Sold on December 31, 2014, would be:
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