Cinnamon Buns Company (CBC) started 2024 with $53,800 of inventory on hand. During 2024, $281,000...
90.2K
Verified Solution
Link Copied!
Question
Accounting
Cinnamon Buns Company (CBC) started 2024 with $53,800 of inventory on hand. During 2024, $281,000 in inventory was purchased on account with credit terms of 4/10, n/30. All discounts were taken. Purchases were all made f.o.b. shipping point. CBC paid freight charges of $11,000. Inventory with an invoice amount of $3,200 was returned for credit. Cost of goods sold for the year was $298,000. CBC uses a perpetual inventory system.
Assuming CBC uses the gross method to record purchases, ending inventory would be:
Get Answers to Unlimited Questions
Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!
Membership Benefits:
- Unlimited Question Access with detailed Answers
- Zin AI - 3 Million Words
- 10 Dall-E 3 Images
- 20 Plot Generations
- Conversation with Dialogue Memory
- No Ads, Ever!
- Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Other questions asked by students
StudyZin's Question Purchase
1 Answer
$0.99
(Save $1 )
One time Pay
- No Ads
- Answer to 1 Question
- Get free Zin AI - 50 Thousand Words per Month
Best
Unlimited
$4.99*
(Save $5 )
Billed Monthly
- No Ads
- Answers to Unlimited Questions
- Get free Zin AI - 3 Million Words per Month
*First month only
Free
$0
- Get this answer for free!
- Sign up now to unlock the answer instantly
You can see the logs in the Dashboard.