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Based on our understanding of inventcory cost fowis,and given the informationlisted below for the company's fiscal year 2018 determine beginninginventory in 2018. A physical count indicated that there was $30,000 ofinventory on hand at December 31, 2018 (i.e.. ending inventory).SalesFreight InPurchase Returns and AllowancesSales ReturnsPurchase DiscountsPurchasesGross ProfitSales Discounts$317,000$7,000$8,000$9,000$4,000$245,000$75,000$1,000

Question
Based on our understanding of inventcory cost fowis,and given the information
listed below for the company's fiscal year 2018 determine beginning
inventory in 2018. A physical count indicated that there was $30,000 of
inventory on hand at December 31, 2018 (i.e.. ending inventory).
Sales
Freight In
Purchase Returns and Allowances
Sales Returns
Purchase Discounts
Purchases
Gross Profit
Sales Discounts
$317,000
$7,000
$8,000
$9,000
$4,000
$245,000
$75,000
$1,000
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Based on our understanding of inventcory cost fowis,and given the information listed below for the company's fiscal year 2018 determine beginning inventory in 2018. A physical count indicated that there was $30,000 of inventory on hand at December 31, 2018 (i.e.. ending inventory). Sales Freight In Purchase Returns and Allowances Sales Returns Purchase Discounts Purchases Gross Profit Sales Discounts $317,000 $7,000 $8,000 $9,000 $4,000 $245,000 $75,000 $1,000

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Step 1

Cost of goods sold is calculated by subtracting gross profit from net sales. 

Note :- Net Sales is calculated by subtracting sales returns and sales discounts from gross sales.

Step 2

Net purchases is calculated by adding freight in charges to gross purchases amount and subtracting purchase discounts as well as purchase return from gross purchase...

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