Secure httpsnewconnectmheducationcomflowconnecthtml Saved He

Secure https://newconnect.mheducation.com/flow/connect.html Saved Help Save roblem #3: Reporting i… 0 Cost of Gooas Sola The following information was extracted from the accounting records of Julian Protective Systems at December 31, 2013: Purchases of goods $12,580,000 .Purchases Returns and Allowances $340,000 . Purchases Discounts $225,000 :14:58 Freight-in $465,000 . Delivery Expense $582,000 Book Print ferences Increase in ending inventory as compared to beginning inventory $198,000 For the year ended December 31, 2013, Julian Protective System reported Cost of Goods Sold of: Multiple Choice $13,062,000 G 9????? O oS???@?Ai 57.B

Solution

Net purchases = 12580000-340000-225000+465000= $12480000 Cost of goods sold = 12480000-198000= $12282000