Chapter 1 Problem 8-3
Inventory – January 1 650,000
Purchases 3,200,000
Freight in 50,000
Total 3,250,000
Less: Purchase returns 75,000 3,175,000
Goods available for sale 3,825,000
Less: Cost of sales (4,500,000 x 60%) 2,700,000
Inventory – March 31 1,125,000
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