Solution-Compute cost of goods purchased and cost of goods

Compute cost of goods purchased and cost of goods sold

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Question - Marigold Lake Corporation's accounting records show the following at year-end December 31, 2017:

Purchase Discounts $5,960

Beginning Inventory $33,550

Freight-In 8,710

Ending Inventory 28,600

Freight-Out 10,940

Purchase Returns and Allowances 3,810

Purchases 163,210

Assuming that Marigold Lake Corporation uses the periodic system, compute cost of goods purchased and cost of goods sold.

Reference no: EM132723480

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Compute cost of goods purchased and cost of goods sold

Reference no: EM132723480

Reference no: EM132723480

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