In-class Exercise#6: May 1, Durbin Inc. purchased $ 162,500 of goods on terms 3/10, n/30....
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In-class Exercise#6: May 1, Durbin Inc. purchased $ 162,500 of goods on terms 3/10, n/30. May 5, Durbin returned defective goods of $30,600. Freight-in cost was $8,400. Durbin paid the purchased invoice on May 8. Durbin had beginning inventory of $41,720 and ending inventory of $27,950. Instructions: Calculate Cost of Goods Purchased, Cost of Goods Available for Sale, and Cost of Goods Sold $ Beginning Inventory Purchases (of goods for resale) $ Less: Purchase Allowances/Returns Less: Purchase Discount Net Purchases ADD: Freight-In Inventory cost) Cost of Goods Purchased Cost of Goods Available for Sale Less: Ending Inventory Cost of Goods Sold les 5-8
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