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CengageNOW2l Online teac × ?e https://v2.cengagenow.com ilm takeAssignment takeAssignmentMain.do? nvoker-assignments&takeAssignmentsessi; . Ch. 5 Exam Inventory, August 1 $77,360 Inventory, August 31 93,380 379,300 14,800 12,680 4,595 Based upon the above data for a business with a periodic inventory system, determine the cost of goods sold for August. Purchases returns & allowances Purchases discounts Freight in Schedule of the Cost of Goods Sold For the Year ended August 31 Inventory, August 1 Net purchases Total cost of merchandse purchased PreviousS O Type here to search 8-51 PM 7/1/2018 3

Explanation / Answer

Schedule of cost of goods sold :

Inventory, August 1 77360 Purchases 379300 Less: Purchase return and allowance -14800 Less: Purchase discount -12680 Net purchases 351820 Add: Freight in 4595 Total cost of merchandise purchased 356415 Total cost of goods available for sale 433775 Less: Inventory, August 31 -93380 Cost of goods sold 340395

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