## (Solved) #24 Use this information to answer the following question. Account Name Debit Sales Credit 293,000 Sales Returns and Allowances 10,000 Purchases...

#24
Use this information to answer the following question.
Account Name Debit Sales Credit
293,000 Sales Returns and Allowances 10,000 Purchases 68,000 Purchases Returns and Allowances 8,000 Freight-In 12,000 Selling Expenses 30,000 General and Administrative Expenses 110,000 In addition, beginning merchandise inventory was \$22,000 and ending merchandise inventory was
\$14,000.
Net income for the period was
a. \$93,000.
b. \$203,000.
c. \$173,000.
d. \$63,000. On June 3, Addison Company purchased merchandise worth \$1,600 on credit, terms 2/10, n/30.
The account was paid on June 10. What is the required journal entry to record the payment under
the periodic inventory system?
a.
Accounts Payable 1,600 Purchases Discounts 32 Cash 1,568 b.
Cash 1,600 Purchases Discounts 32 Accounts Payable 1,632 c.
Cash 1,568 Purchases Discounts 32 Accounts Payable 1,600 d.
Accounts Payable 1,568 Purchases Discounts 32 Cash 1,600 #28
Use this inventory information for the month of July to answer the following question.
July 1 Beginning inventory 10 units @ \$120 5 Purchase 60 units @ \$112 14 Sale 40 units 21 Purchase 30 units @ \$116 31 Sale 28 units Assuming that a periodic inventory system is used, what is cost of goods sold under the average-cost
method?
a. \$7,752
b. \$3,712
c. \$7,888
d. \$3,648

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