n. 8 6 Cinnamon Buns Co. (CBC) started 2018 with $53,400 of merchandise on hand.

Q: n. 8 6 Cinnamon Buns Co. (CBC) started 2018 with $53,400 of merchandise on hand.

Ending inventory would be $39,026 Beginning inventory $53,400 Inventory purchased 2,96,000 Freight 9,800 Merchandise returned (2,300) Discounts [($296000 – 2300) x 2%)] (5,874) Cost of goods available for sale $ 3,51,026 Cost of goods sold 3,12,000 Ending inventory 39,026

ID: 2515898 • Letter: N

Question

n. 8 6 Cinnamon Buns Co. (CBC) started 2018 with $53,400 of merchandise on hand. During 2018, $296,000 in merchandise was purchased on account with credit terms of 210 n/30. All discounts were taken Purchases were all made fo b. shipping point. CBC paid freight charges of $9,800. Merchandise with an invoice amount of $2.300 was returned for credit. Cost of goods sold for the year was $312.000. CBC perpetual inventory system. 0251Assuming CBC uses the gross method to record purchases, ending inventory would be: Multiple Choice $44,900 $39.026 $29.226 Type here to search

Explanation / Answer

Ending inventory would be $39,026

Beginning inventory $53,400

Inventory purchased 2,96,000

Freight 9,800

Merchandise returned (2,300)

Discounts [($296000 – 2300) x 2%)] (5,874)

Cost of goods available for sale $ 3,51,026

Cost of goods sold 3,12,000

Ending inventory 39,026

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n. 8 6 Cinnamon Buns Co. (CBC) started 2018 with $53,400 of merchandise on hand.

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