The following information is available for Naab Company for 2020: Freight-in $ 60,000 Purchase returns...
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Accounting
The following information is available for Naab Company for 2020:
Freight-in $ 60,000
Purchase returns 150,000
Selling expenses 460,000
Ending inventory 520,000
The cost of goods sold is equal to 400% of selling expenses.
The cost of goods available for sale is 2,360,000
A) Why was Freight-In NOT used in the calculation for COGS available for sale? Explain in detail.
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