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