Cost of Goods Sold Based on the following data, determine the cost of goods sold for July: Estimated returns of July sales  $34,900 Inventory, July 1 190, 850 Inventory, July 31 160, 450 Purchases 1, 126, 000 Purchases returns and allowances 46, 000 Purchases discounts  23, 000 Freight in 17,500

Principles of Cost Accounting
17th Edition
ISBN:9781305087408
Author:Edward J. Vanderbeck, Maria R. Mitchell
Publisher:Edward J. Vanderbeck, Maria R. Mitchell
Chapter1: Introduction To Cost Accounting
Section: Chapter Questions
Problem 3E: Cost of goods soldmerchandiser The following data were taken from the general ledger of Owens...
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Cost of Goods Sold

Based on the following data, determine the cost of goods sold for July: Estimated returns of July sales  $34,900

Inventory, July 1 190, 850

Inventory, July 31 160, 450

Purchases 1, 126, 000

Purchases returns and allowances 46, 000

Purchases discounts  23, 000

Freight in 17,500

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