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# Question 1 BaCo Company opens its business in 20X1 and purchases merchandise on account for \$88,000. In 20X2, BaCo pays \$67,000 cash on the \$88,000...

I need help with some inventory questions so I can study for a final.

Queston 1 BaCo Company opens iTs business in 20X1 and purchases merchandise on accounT for \$88,000. In 20X2, BaCo pays \$67,000 cash on The \$88,000 due, sales are \$145,000, and ending invenTory is \$24,000. BaCo's gross proFT for 20X2 is \$57,000 \$78,000 \$81,000 \$102,000 Queston 2 GeCo begins 20X4 wiTh merchandise costng \$69,000. Sales are \$233,000, purchases are \$198,000 and ending invenTory is \$81,000. GeCo's 20X4 cosT of goods sold is \$186,000 \$210,000 \$221,000 \$245,000 Queston 3 On December 3, HuCo purchases merchandise for \$47,000 on accounT, ±.O.B. destnaton. ±reighT charges are \$800. On December 26, HuCo pays The vendor \$14,000. On HuCo's December 31 balance sheeT, The AccounTs Payable balance will be
\$33,000 \$33,800 \$47,000 \$47,800 Queston 4 MoCo begins operatons in April, uses The perpeTual meThod, and records merchandise purchases aT neT. MoCo makes Two purchases on accounT. ±erms are 1/15, n/45. On April 4, MoCo purchases merchandise for \$3,000, which iT pays for on April 16. On April 11, iT makes a \$9,000 purchase ThaT iT pays for on April 29, buT There are no sales in April. On April 30, The balance in MoCo's InvenTory ledger accounT is \$11,880 \$11,910 \$11,970 \$12,000 Queston 5 PiCo uses The perpeTual meThod. On February 17, PiCo sells \$30,000 in merchandise on accounT ThaT cosT \$10,000. On February 23, 10% of These goods are reTurned. Prepare The enTry ThaT PiCo makes on February 23 To record The sales reTurn. DebiT Sales ReTurns \$3,000 and crediT AccounTs Receivable \$3,000 DebiT Sales ReTurns \$1,000; debiT Gross Pro²T \$2,000; and crediT AccounTs Receivable \$3,000 DebiT Sales ReTurns \$3,000 and crediT AccounTs Receivable \$3,000 and Then debiT
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Question 1 BaCo Company opens its business in 20X1 and purchases merchandise on account for \$88,000. In 20X2,
BaCo pays \$67,000 cash on the \$88,000 due, sales are \$145,000, and ending inventory is...

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