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: