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What dollar amounts should be reported for final inventory

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Otto Corp. purchased merchandise during 2020 on credit for 5700.000: terms 2/10. N30. MI of the gross liability except 5100.000 was paid within the discount period. The remainder was paid within the 30-day term. At the end of the annual accounting penod. December 31. 2020. 90% of the merchandise had been sold and 10% remained in inventory The company uses a periodic system_

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Question (a) Assuming that the net method is used for recording purchases. prepare the entries for the purchase and two subsequent payments.

Question (b) What dollar amounts should be reported for the final inventory and cost of goods sold under the net method? Assume that there was no beginning inventory

Reference no: EM132464660

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