Calculate the amount of purchase discounts reported by

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Reference no: EM13587338

Jackson Company reported the following information relating to its inventory for 2007:

sales revenue ............................. $427,000

freight-in ................................ 11,700

purchase returns .......................... 16,500

beginning inventory ....................... 55,000

purchases ................................. 329,800

freight-out ............................... 10,900

sales returns & allowances ................ 15,000

purchase discounts ........................ ?

Jackson Company also reported the following financial statement ratios:

inventory turnover ratio .................. 4.12

gross profit rate ......................... 30%

Calculate the amount of purchase discounts reported by Jackson Company during 2007. Do not use decimals in your answer.

Reference no: EM13587338

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