The following information is available for Hopkins Company: $$\begin{array} { l r }
\text { Beginning inventory } & \$ 45,000 \
\text { Ending inventory } & 70,000 \
\text { Freight-in } & 10,000 \
\text { Purchases } & 290,000 \
\text { Purchase returns and allowances } & 8,000
\end{array}$$ Instructions
Compute each of the following:
(a) Net purchases
(b) Cost of goods purchased
(c) Cost of goods sold

Question

The following information is available for Hopkins Company: $$\begin{array} { l r } 
\text { Beginning inventory } & \$ 45,000 \
\text { Ending inventory } & 70,000 \
\text { Freight-in } & 10,000 \
\text { Purchases } & 290,000 \
\text { Purchase returns and allowances } & 8,000
\end{array}$$ Instructions
Compute each of the following:
(a) Net purchases
(b) Cost of goods purchased
(c) Cost of goods sold

Quizplus · Accepted Answer

The Answer of The following information is available for Hopkins Company: $$\begin{array} { l r } 
\text { Beginning inventory } & \$ 45,000 \
\text { Ending inventory } & 70,000 \
\text { Freight-in } & 10,000 \
\text { Purchases } & 290,000 \
\text { Purchase returns and allowances } & 8,000
\end{array}$$ Instructions
Compute each of the following:
(a) Net purchases
(b) Cost of goods purchased
(c) Cost of goods sold

The Following Information Is Available for Hopkins Company Instructions Compute Each of the Following: (A) Net Purchases (B)

The Following Information Is Available for Hopkins Company Instructions
Compute Each of the Following:
(A) Net Purchases
(B)