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Calculate the cost of goods purchased

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Q1. Windsor, Inc.'s accounting records show the following for the year ending on December 31, 2017.

Purchase Discounts $ 12100

Freight-in 17100

Purchases 706020

Beginning Inventory 59000

Ending Inventory 45600

Purchase Returns and Allowances 10700

Using the periodic system, the cost of goods purchased is

Q2. Ayayai's Market used the perpetual method to record the following events involving a recent purchase of inventory:

Received goods for $79000, terms 2/9, n/30.

Returned $1200 of the shipment for credit.

Paid $400 freight on the shipment.

Paid the invoice within the discount period.

As a result of these events, the company's inventory

Q3. Financial information is presented below:

Operating expenses $ 27000

Sales revenue 232000

Cost of goods sold 147000

Gross profit would be

Reference no: EM131725067

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