Question 10
Stan ’ s Market recorded the following events involving a recent purchase of inventory :
Received goods for $ 90,000 , terms 2 / 10 , n / 30 . Returned $ 1,800 of the shipment for credit . Paid $ 450 freight on the shipment . Paid the invoice within the discount period .
Question 11
Financial information is presented below : Operating expenses $ 36,000 Sales revenue 150,000 Cost of goods sold 105,000
Question 12
At December 31 , 2014 Mohling Company ’ s inventory records indicated a balance of $ 602,000 . Upon further investigation it was determined that this amount included the following :