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The income statement of Wilcox, Inc. includes the items listed below:
Net sales $900,000
Gross profit 320,000
Beginning inventory 80,000
Purchase discounts 15,000
Purchase returns and allowances 8,000
Freight-in 10,000
Operating expenses 300,000
Purchases 540,000
Instructions:
Question 1: Use the appropriate items listed above as a basis for determining:
(a) Cost of goods sold.
(b) Cost of goods available for sale.
(c) Ending inventory.
Describe the role Generally Accepted Accounting Principles and the Financial Accounting Standards Boardplays in financial reporting in the United States.
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