The following is selected information from Mars Corp. Inventory, February 28, 2018 $455,000 Inventory, March 31, 2018 331,000 Purchase Discounts 12,450 Purchase Returns and Allowances 23,840 Sales 277,300 Sales Discounts 34,660 Gross Purchases 128,200 Compute net purchases, and cost of goods sold for the month of March. Assume the perpetual and periodic methods are used. What is the net purchases? What is the costs of goods sold?
The following is selected information from Mars Corp. Inventory, February 28, 2018 $455,000 Inventory, March 31, 2018 331,000 Purchase Discounts 12,450 Purchase Returns and Allowances 23,840 Sales 277,300 Sales Discounts 34,660 Gross Purchases 128,200 Compute net purchases, and cost of goods sold for the month of March. Assume the perpetual and periodic methods are used. What is the net purchases? What is the costs of goods sold?
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
Chapter8: Inventories: Special Valuation Issues
Section: Chapter Questions
Problem 4MC
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The following is selected information from Mars Corp.
Inventory, February 28, 2018 | $455,000 |
Inventory, March 31, 2018 | 331,000 |
Purchase Discounts | 12,450 |
Purchase Returns and Allowances | 23,840 |
Sales | 277,300 |
Sales Discounts | 34,660 |
Gross Purchases | 128,200 |
Compute net purchases, and cost of goods sold for the month of March. Assume the perpetual and periodic methods are used.
What is the net purchases?
What is the costs of goods sold?
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