Answer to Question #349931 in Financial Math for aby

Question

Given below are account balances of Eva Merchandising. You are tasked to prepare the cost of goods sold using periodic and perpetual inventory systems and to

compute for gross profit.

1. Merchandising inventory beginning - 250,000
2. Purchases on account- 380, 000
3. Sales on account- 650,000
4. Sales return -20,000
5. Ending inventory percount-43,500

Answer 1

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