Cinnamon Buns Co. started 2018 with $52,200 of merchandise on hand

Cinnamon Buns Co. started 2018 with $52,200 of merchandise on hand. During 2018, $285,000 in merchandise was

purchased on account with credit terms of 3/10 n/30. ‘all discounts were taken. Purchases were all made f.o.b. shipping point. CBC paid freight charges of $9,300. Merchandise with an invoice amount of $2,400 was returned for credit. Cost of goods sold for the year was $303,000. CBC uses a perpetual inventory system.

Assuming CBC uses the gross, method to record purchases, ending inventory would be:

Save your time - order a paper!

Get your paper written from scratch within the tight deadline. Our service is a reliable solution to all your troubles. Place an order on any task and we will take care of it. You won’t have to worry about the quality and deadlines

Order Paper Now