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he following accounts and balances are taken from the books of Bosox Company which                           uses the periodic inventory system.                                             Note: Enter all amounts as positive amounts                         a.       Sales     $470,000                 Sales returns and allowances     15,000                 Sales discounts     2,500                 Purchases     255,000                 Purchases returns and allowances     18,000                 Purchases discounts     5,000                 Transportation-In     1,500                 Operating expenses     125,000                                     b.       Beginning inventory     $40,000                 Ending inventory     35,000                                         a. Calculate the cost of good sold                       b. Calculate the gross profit                       c. Calculate the net income                                           c.

he following accounts and balances are taken from the books of Bosox Company which                           uses the periodic inventory system.                                             Note: Enter all amounts as positive amounts                         a.       Sales     $470,000                 Sales returns and allowances     15,000                 Sales discounts     2,500                 Purchases     255,000                 Purchases returns and allowances     18,000                 Purchases discounts     5,000                 Transportation-In     1,500                 Operating expenses     125,000                                     b.       Beginning inventory     $40,000                 Ending inventory     35,000                                         a. Calculate the cost of good sold                       b. Calculate the gross profit                       c. Calculate the net income                                           c.

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 3RE: Reid Company uses the periodic inventory system. On January 1, it had an inventory balance of...
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The following accounts and balances are taken from the books of Bosox Company which                          
uses the periodic inventory system.                          
                  Note: Enter all amounts as positive amounts        
                a.      
Sales     $470,000                
Sales returns and allowances     15,000                
Sales discounts     2,500                
Purchases     255,000                
Purchases returns and allowances     18,000                
Purchases discounts     5,000                
Transportation-In     1,500                
Operating expenses     125,000                    
                b.      
Beginning inventory     $40,000                
Ending inventory     35,000                
                       
a. Calculate the cost of good sold                      
b. Calculate the gross profit                      
c. Calculate the net income                          
                c.      
                       
                       
                       
                       

 

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