Reference no: EM132778969
For the current year, the following data were taken from the accounting records:
Sales, $900,000;
Sales Returns and Allowances, $30,000;
Purchases, $500,000;
Purchase Returns and Allowances, $8,000;
Discount received, $4,000;
Discount allowed, $3,000;
Freight-in, $2,000;
Freight-out, $3,000;
Beginning Inventory, $90,000;
Ending Inventory, $130,000.
Problem 1: What was the cost of goods available for sale?
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