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Periodic inventory system rose emporium uses a

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Periodic inventory systemRose Emporium uses a periodic inventory system. At the end of 2007, the accountingrecords include the following information:Inventory, December 31, 2006$6,700Inventory, December 31, 2007$4,300Net sales$105,000Purchases$60,000Compute the following for 2007:a)Cost of goods sold.b)Gross profit.$ 42,600
Magenta Corporation uses a periodic inventory system. During the current year, thecompany purchased merchandise at a cost of $245,000. You are to compute the cost ofgoods sold under each of the following alternative assumptions:Cost of GoodsSoldANo beginning inventory; ending inventory $18,000............$227,000BBeginning inventory $15,000; no ending inventory............$260,000CBeginning inventory $12,000; ending inventory, $9,000....$248,000DBeginning inventory $11,000; ending inventory $17,000...$239,0004 of 8
Perpetual Inventory
Record the following transactions in the company’s general journal
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Term
Spring
Professor
NoProfessor
Tags
Balance Sheet, Income Statement, Revenue, Trial Balance, Generally Accepted Accounting Principles, Tony Corp

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