![](https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhnaFD7qpbFN2WttZOfaMJatMgqzOBgQonUlb8YJe-jkD6mm0qBueiQe_B3sqtio88Z05zWMiS7uk-8gHwsp7vaEeBI3m9oErFeaDuGo_qIvwtn90yTSF5Y54w-hO6Oz_wlptEmGn81VHM5/s320/EX+6-34.png)
Merchandise inventory, November 1 $ 28,000
Merchandise inventory, November 30 31,500
Purchases 475,000
Purchases returns and allowances 15,000
Purchases discounts 9,000
Freight in 7,000
Answer:
![](https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhPxhbdUUrojVXXii7DCAs2H2l4m4ryuCB5W6Uus7nmBqh_qF_4ov2RUmmmFF5KHc_4fzVzxdE4RBKQnt5XpPllY2q3-i9NQv2wbVPa9TRG9mprv5wG7GZQB2b3cx207pdbLx5iiZNlqHV7/s400/Appendix+Ex.+6%25E2%2580%259334.png)
Cost of merchandise sold:
Merchandise inventory, November 1 $ 28,000
Purchases $475,000
Less: Purchases returns and
allowances $15,000
Purchases discounts 9,000 24,000
Net purchases $451,000
Add freight in 7,000
Cost of merchandise purchased 458,000
Merchandise available for sale $486,000
Less merchandise inventory, November 30 31,500
Cost of merchandise sold $454,500
Based on the following data, determine the cost of merchandise sold for July:
![](https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjPLc_9vSx19XVBswd0xB86TpRxGX0Fbz68jIzayaM358q-4LgQEcMisFxEzZg1_465TzGl3wrVvW4htOLfSJ2TlMzAMPEuZXW67-lWGJ_wlfdwiuCkvVPcKt5N8Uj3PuqAXFljoTuOsPlu/s320/EX+6-35.png)
Merchandise inventory, July 1 $ 190,850
Merchandise inventory, July 31 160,450
Purchases 1,126,000
Purchases returns and allowances 46,000
Purchases discounts 23,000
Freight in 17,500
Answer:
![](https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjM1uVIrPGFV1kG5NcoUvtgoysmr6jpgJcNnpanrYtri81zYcOG8BTHwKUkLHAwe8s-zY_u-ZbjgJlpnH1X5q0UhV_JFyAoPqUjdxusIw4Rk7MK-9oJFqYA3UhxobI1H7xtsmNcG_cQqgDV/s400/Appendix+Ex.+6%25E2%2580%259335.png)
Cost of merchandise sold:
Merchandise inventory, July 1 $ 190,850
Purchases $1,126,000
Less: Purchases returns and
allowances $46,000
Purchases discounts 23,000 69,000
Net purchases $1,057,000
Add freight in 17,500
Cost of merchandise purchased 1,074,500
Merchandise available for sale $1,265,350
Less merchandise inventory, July 31 160,450
Cost of merchandise sold $1,104,900
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