Fruight-Out $1,000, and Purchaise Retume and Alowances $3,000. The anding inventory is 332,000 . 1)...
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Fruight-Out $1,000, and Purchaise Retume and Alowances $3,000. The anding inventory is 332,000 . 1) Compute the following: Cost of the goods purchased = Cost of the goods a valfable for sale = Cost of the goods sold = Net Solos = Gross Pront = 2) In a scrap piece of paper prepare the first two steps in closing entries (c1) and (c2). Journalize and post to the most emporary of temporary accounts, an account called Income Summary. your journal entry for the first step in closing entries (c1) did you debit or did you credit income summary? = frome eviner delvi or oredit in lowner case) By whater amosint? in In (c2) did you dobit or crodit incove summary? By what arriount? = 3) After c1 and o2, what is the ending balance in income summary? Aftor e1 and c2, what is the ending batance in inventory? 8) Compute cost of goods sold again, buf assuming ending inventory is $22,000 instesd: Compute cost of goods sold, but assuming ending inventory is $42000 instead
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