Reference no: EM133068738
Question - Following are the account balances from Jackson Company's income statement:
Inventory, January 1, 2021, 35,000
Purchases 35,000
Purchase Returns and Allowances 2,000
Purchase Discounts 4,000
Freight-In 5,000
Inventory, December 31, 2021, 10,000
Freight-Out 6,000
What is cost of merchandise available for sale?
a. 65,000.
b. 69,000.
c. 59,000.
d. 61,000.
The following information is taken from the books of Lyceum Company, there are a few missing amounts that the accountant needs to determine:
Beginning Inventory 20,000
Purchases 41,000
Purchase Returns and Allowances 3,000
Purchase Discounts 4,000
Freight-In ?
Cost of Goods Available for Sale 55,000
Ending Inventory ?
Cost of Goods Sold 22,000
1. What is the amount of the freight-in?
a. 4,000
b. 1,000
c. 3,000
d. 2,000
2. What is the amount of the ending inventory?
a. 23,000
b. 33,000
c. 32,000
d. 22,000
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