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Compute what were merchandise purchases in november

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Reference no: EM132736800

X Company, a merchandiser, prepares monthly financial statements. The following are account balances in November:

November 1: Account payable: $52,329

Merchandise inventory: $56,580

November 30: Account Payable: $42,845

Merchandise inventory:$45,418

Problem 1: In November, payments of Accounts Payable were $320,413, and Cost of Goods Sold was $322,091. Assuming that all merchandise purchases were on account, what were merchandise purchases in November?

A: $310,929

B: $413,536

C: $550,002

D: $731,503

E: $972,899

F: $1,293,956

Reference no: EM132736800

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