0. Using the following information, Purchaies $32,000, Prchas i what is the amou
ID: 2553210 • Letter: 0
Question
0. Using the following information, Purchaies $32,000, Prchas i what is the amount of cost of merchandise sold? the inventory on September 1: $5,700 tory on September 30: $6.370. Sales returns and allowances: $910, Sales Purchases retuns and allowances: $1,200, Freight in a. $26,900 b. $20,530 c. $30,210 d. $28,130 21 Using the following information, what is the amount of gross profitc? Merchandise inven uch iscounts $960, Merchandise inventory on September 1: $5,700 on September 30: $6,370, Sales returns and allowances: $910, Sales: Purchases returns and allowances: $1.200, Freight In: S1.040. a. $34,870 b. $31,880 c. $27,460 d. $62,090 22. information, what is the amount of merchandise available for sale? Using the following $32,000, Purchases discounts $960, Merchandise inventory on September 1: $5,700 inventory on September 30: $6,370, Sales returns and allowances: $910, Sales: Purchases returns and allowances: $1,200. Freight In: $1,040 a. $35,540 b. $36,580 C. $37,700 d. $34,500 23. Merchandise subject to terms 1/10, n/30, FOB shipping point, is sold on account to a customer for $25,000. The seller paid freight costs of $2,000 and issued a credit memo for $10,000 prior to payment. What is the amount of the cash discount allowable? a, $170 b. $150 c. $130 d. $250 A sales invoice included the following information: merchandise price, $5,000; freight, $900; terms 1/10, n/30, FOB shipping point. Assuming that a credit for merchandise returned of $700 is granted prior to payment and that the invoice is paid within the discount period, what is the amount of cash that should be received by the seller? a. $5,157 b. $4,300 c. $4,257 24. d. $4,950Explanation / Answer
Dear student, only one question is allowed at a time. I am answering the first question
20)
Cost of merchandise sold
= Opening Inventory + Purchases – Purchase returns – Purchase discounts + Direct expenses – Closing Inventory
= $5,700 + $32,000 - $1,200 - $960 + $1,040 - $6,370
= $30,210
So, as per above calculations, option c is the correct option
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