Cost of merchandise sold Based on the following data, determine the cost of merchandise sold for November: Merchandise inventory, November 1 $ 28,000 Merchandise inventory, November 30 31,500 Purchases 475,000 Purchases returns and allowances 15,000 Purchases discounts 9,000 Freight in 7,000

Cost of merchandise sold Based on the following data, determine the cost of merchandise sold for November: Merchandise inventory, November 1 $ 28,000 Merchandise inventory, November 30 31,500 Purchases 475,000 Purchases returns and allowances 15,000 Purchases discounts 9,000 Freight in 7,000

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Question

Cost of merchandise sold

Based on the following data, determine the cost of merchandise sold for November:

Merchandise inventory, November 1	$ 28,000
Merchandise inventory, November 30	31,500
Purchases	475,000
Purchases returns and allowances	15,000
Purchases discounts	9,000
Freight in	7,000

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weighted average