Assume that Vangundy Company uses a periodic inventory system and has these account balances: Purchases $490,000; Purchase Returns and Allowances $14,000; Purchase Discounts $9,000; and Freight-in $15,000. Determine net purchases and cost of goods purchased.
Assume that Vangundy Company uses a periodic inventory system and has these account balances: Purchases $600,000; Purchase Returns and Allowances $25,000; Purchase Discounts $11,000; and Freight-in $19,000; beginning inventory of $45,000; ending inventory of $55,000; and net sales of $750,000. Determine the cost of goods sold.
Slater Brothers Supply uses a periodic inventory system. During May, the following transactions and events occurred.
May13Purchased 6 motors at a cost of $40 each from Nen Company, terms 1/10, n/30. The motors cost Nen Company $25 each.
May16Returned 1 defective motor to Nen.
May 23Paid Nen Company in full.
Journalize the May transactions for Slater Brothers. You may omit explanations.