The Wayne Corporation had $250,000 of merchandise on hand at the beginning of Fe
ID: 341390 • Letter: T
Question
The Wayne Corporation had $250,000 of merchandise on hand at the beginning of February. The company's inspection of its purchases revealed defective merchandise, which the company returned to its supplier for full credit of $8,000. The company sold $670,000 of merchandise during February and charged its customers $1,200,000. The company had $190,000 of merchandise inventory on hand at the end of February. The company's February operating expenses were $250,000.
Determine the company's merchandise purchases during February.
$738,000
$860,000
$618,000
$238,000
a.$738,000
b.$860,000
c.$618,000
d.$238,000
Explanation / Answer
Company's merchandise purchases during February=670000-(250000-8000)+190000= $618000 Option C is correct
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