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The final paper will be based on Appendix 6C Illustrative Audit Case- (3).docx
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The following information for the year 2011 is taken from the accounts.docx
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The following information for the year 2011 is taken from the accounts of Thornrose Company. The company uses the periodic inventory method. A)$49,650. B)$27,250. C)$21,075. D)$28,325. Solution Answer: .
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The following information for the year 2011 is taken from the accounts.docx
- The following information for the year 2011 is taken from the accounts of Thornrose Company. The company uses the periodic inventory method. A)$49,650. B)$27,250. C)$21,075. D)$28,325. The following information for the year 2011 is taken from the accounts of Thornrose Company. The company uses the periodic inventory method. Solution Answer: In$ Inventory, December 31, 2010 7400 Purchases 42,000 Less: Purchase Returns and Allowances 575 Less: Purchase Discounts 250 Net Purchases 41,175 Goods available for sale 48,575 Less: Cost of Goods Sold 21,900 Balance of Goods on Dec 31,2011 26,675 Freight on Goods Purchased under terms FOB Shipping Point 1650 Inventories at December 31,2011 28,325
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