Big Lot Company made total purchases of $290,000 in the most current year. It paid...
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Big Lot Company made total purchases of $290,000 in the most current year. It paid freight in of $5,500 on its purchases. Freight out, the cost to deliver the merchandise when it was sold to Big Lot's customers, totaled $8,500. Of the total purchases Big Lot made during the period, it returned $22,000 of the merchandise. Big Lot took advantage of $2,100 of purchase discounts offered by its vendors. What was Big Lot's cost of inventory? Big Lot's cost of inventory is
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