The following information relates to merchandising operations for Liverpool Co. during June 2020: On 1/6/2020:...
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The following information relates to merchandising operations for Liverpool Co. during June 2020: On 1/6/2020: Liverpool Co. has a beginning inventory of $ 1500. On 10/6/2020: Liverpool Co. purchase goods of $ 5100 from Arsenal. Ins. (FOB shipping point) (terms 5/20, n/60). On 12/6/2020: an amount of $ 350 was paid for freight expenses to Acme Freight Company. On 14/6/2020: Liverpool Co. returned goods costing $ 400 to Arsenal Ins. On 15/6/2020: Liverpool Co. sold goods of $ 3000 to Manchester City Co. ( cost of these merchandise is $2150). FOB shipping point, credit terms 5/15, n/30. On 18/6/2020: Manchester City Co. return goods to Liverpool Co. value of $ 500 (its cost $ 375). Based on the above information, the cost of ending inventory (balance of inventory) for Liverpool Co. is: Select one: a. 4425 b.4275 C. 4125 O d. 4775 e. None of the given answers
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