Determine the amounts to be reported for cost of goods, Accounting Basics

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Determine the amounts to be reported for cost of goods

Assume that Tracy Company uses a periodic inventory system and has these account balances: Purchases $440,600; Purchase Returns and Allowances $11,980; Purchase Discounts $8,247; and Freight-in $16,900. Tracy Company has beginning inventory of $57,710, ending inventory of $88,110, and net sales of $649,500.

Determine the amounts to be reported for cost of goods sold and gross profit.

Cost of goods sold:

Gross profit:

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Accounting Basics: Determine the amounts to be reported for cost of goods

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Accounting Basics: Determine the amounts to be reported for cost of goods

Reference No:- TGS0696672

Have a Question? (oR Write a Review)

Recent Questions Asked Accounting Basics

Q : Federal and state income tax

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Accounting Basics: Determine the amounts to be reported for cost of goods

Reference No:- TGS0696672

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