Tx manufacturing purchased inventory for 2500 and

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Business Analytics: Data Analysis & Decision Making
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Chapter 14 / Exercise 87
Business Analytics: Data Analysis & Decision Making
Albright/Winston
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4.TX Manufacturing purchased inventory for $2,500 and paid a $200 freight bill. TX Manufacturing returned $350 of the goods to the seller and then took a 2% purchase discount. What is TX Manufacturing’s final cost of the inventory that it kept?A.$2,307B.$2,303C.$2,300D.$2,107
5.Marathon Sports Gear had sales of $562,000, sales returns of $27,000, and purchase discounts of $11,000. ( the discount is not relevant). Cost of Goods Sold was determined to be $280,000. How much gross profit did Marathon Sports Gear report?
6.Suppose the Jim’s Jeans Merchandise Inventory account shows an unadjusted balanceof $10,000. On December 31, 2016, the physical count of goods on hand totaled
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Business Analytics: Data Analysis & Decision Making
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Chapter 14 / Exercise 87
Business Analytics: Data Analysis & Decision Making
Albright/Winston
Expert Verified
$9,200. To adjust the accounts, Jim’s Jeans would make which of the following entries?
7.Suppose Discount Dollar’s Purchases totaled $68,000, Purchase Returns totaled $5,200, Purchase Allowances totaled $1,500, Purchase Discounts totaled $2,800, and Freight In totaled $5,000. What is Discount Dollar’s net purchases?
8.FOB shipping point refers to the situation in which title to goods in transit rests with theA.seller.B.buyer.C.shipping company.D.transportation company.
9.The Sales Discounts account is a contra account to which of the following accounts?
10. Assume Easy Electronics had net Sales of $100,000, and Cost of Goods Sold of $75,000. Average Inventory was $15,000. What is the gross profit percentage for Easy Electronics for this period?

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