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Question - The following details are provided by Blue Bell Merchandisers.
Net Sales
$198,000
Purchases
92,000
Purchases Returns and Allowances
1,800
Purchases Discounts
1,250
Freight In
1,590
Beginning Merchandise Inventory
63,000
Ending Merchandise Inventory
37,000
Calculate the amount of net purchases.
$151,950
$87,360
$88,950
$106,000
Accumulated Depreciation as of December 31, 2018 was $31,000. Calculate gain or loss on the sale.
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