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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
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$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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Mastering Inventory.doc

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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