4. A Company uses the periodic system for inventory. A began July 2023 with inventory...
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4. A Company uses the periodic system for inventory. A began July 2023 with inventory of $55,000. During July A purchased inventory on account for $95,000 terms 2/10, net/30. Freight charges to deliver the inventory in addition to the inventory purchased were $1000 and were paid in cash. A returned $5000 of the inventory during July and paid for $40,000 of the inventory taking advantage of the discount. The balance will be paid after 30 days. Ending inventory at July 31 was $40,000. Sales for July were $210,000. Use T-accounts or Journal entries to support your answers. iequired: 1. Determine A Company's Cost of Goods sold. 2.Determine A Company's Gross Profit
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4. A Company uses the periodic system for inventory. A began July 2023 with inventory of $55,000. During July A purchased inventory on account for $95,000 terms 2/10, net/30. Freight charges to deliver the inventory in addition to the inventory purchased were $1000 and were paid in cash. A returned $5000 of the inventory during July and paid for $40,000 of the inventory taking advantage of the discount. The balance will be paid after 30 days. Ending inventory at July 31 was $40,000. Sales for July were $210,000. Use T-accounts or Journal entries to support your answers. iequired: 1. Determine A Company's Cost of Goods sold. 2.Determine A Company's Gross Profit 