The following is selected information from Mars Corp. Compute net purchases, and cost of goods sold for the month of March.Inventory, Februray 28, 2018$450,000Inventory, March 31, 2018330,500Purchase discounts 12,450Purchase returns and allowances23,870sales276,900sales discounts34,660Gross purchaases120,400

Net Purchase :— It is gross purchases less purchase discount less purchase return and allowance.…

Answered: The following is selected information…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Inventory, Februray 28, 2018	$450,000
Inventory, March 31, 2018	330,500
Purchase discounts	12,450
Purchase returns and allowances	23,870
sales	276,900
sales discounts	34,660
Gross purchaases	120,400