Carter Company has the following account balances for the cu

Carter Company has the following account balances for the current year. Required: Compute the missing amounts Beginning Merchandise Inventory Purchases Purchases Returns and Allowances Purchase Discounts Freight-In Cost of Goods Purchased Cost of Goods Available for Sale Ending Merchandise Inventory Cost of Goods Sold 315,000 670 690 315,940 56,000 317,940 Help Clear Undo

Solution

Freight in = 315940-(315000-670-690)= 2300 Cost of goods available for sale = 317940+56000= 373940 Beginning merchandise inventory = 373940-315940= 58000