Swifty Corporation accounting records show the following for the year ending on December 31, 2022. Purchase Discounts $ 12100 Freight-in 15100 Purchases 714020 Beginning Inventory 51000 Ending Inventory 54600 Purchase Returns and Allowances 14900 Using the periodic system, the cost of goods purchased is O $731920. O $670920. O $702120. O $725920.

Swifty Corporation accounting records show the following for the year ending on December 31, 2022. Purchase Discounts $ 12100 Freight-in 15100 Purchases 714020 Beginning Inventory 51000 Ending Inventory 54600 Purchase Returns and Allowances 14900 Using the periodic system, the cost of goods purchased is O $731920. O $670920. O $702120. O $725920.

College Accounting, Chapters 1-27

23rd Edition

ISBN:9781337794756

Author:HEINTZ, James A.

Publisher:HEINTZ, James A.

Chapter14: Adjustments For A Merchandising Business

Section: Chapter Questions

Problem 2MC: Under the periodic inventory system, what account is debited when an estimate is made for sales made...

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