The following is selected information from Mars Corp. Inventory, February 28, 2018 $456,000 Inventory, March 31, 2018 330,000 Purchase Discounts 12,450 Purchase Returns and Allowances 23,870 Sales 277,900 Sales Discounts 34,650 Gross Purchases 126,200 Compute net purchases, and cost of goods sold for the month of March. Assume the perpetual and periodic methods are used. Net purchases Cost of Goods Sold $

FINANCIAL ACCOUNTING
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ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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The following is selected information from Mars Corp.

- Inventory, February 28, 2018: $456,000
- Inventory, March 31, 2018: $330,000
- Purchase Discounts: $12,450
- Purchase Returns and Allowances: $23,870
- Sales: $277,900
- Sales Discounts: $34,650
- Gross Purchases: $126,200

Compute net purchases, and cost of goods sold for the month of March. Assume the **perpetual** and **periodic** methods are used.

- Net purchases: $__________
- Cost of Goods Sold: $__________
Transcribed Image Text:The following is selected information from Mars Corp. - Inventory, February 28, 2018: $456,000 - Inventory, March 31, 2018: $330,000 - Purchase Discounts: $12,450 - Purchase Returns and Allowances: $23,870 - Sales: $277,900 - Sales Discounts: $34,650 - Gross Purchases: $126,200 Compute net purchases, and cost of goods sold for the month of March. Assume the **perpetual** and **periodic** methods are used. - Net purchases: $__________ - Cost of Goods Sold: $__________
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