Business, 04.04.2020 00:25 zacharynugent

James Company began the month of October with inventory of $34,000. The following inventory transactions occurred during the month: The company purchased merchandise on account for $50,500 on October 12. Terms of the purchase were 2/10, n/30. James uses the net method to record purchases. The merchandise was shipped f. o.b. shipping point and freight charges of $690 were paid in cash. On October 31, James paid for the merchandise purchased on October 12. During October merchandise costing $20,850 was sold on account for $31,800. It was determined that inventory on hand at the end of October cost $63,330.

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James Company began the month of October with inventory of $34,000. The following inventory transact...

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