Reference no: EM13924307
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.
I got 6,600 and my friend got 39,600. please show your work.
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