Assuming the periodic inventory method is used for the current year, the following data were taken from the accounting records:
What was the amount for net purchases?
A) $245,000.
B) $246,000.
C) $435,000.
D) $292,000.

Name: Assuming the periodic inventory method is used for the current year, the following data were taken from the accounting records: What was the amount for net purchases? A) $245,000. B) $246,000. C) $435,000. D) $292,000.
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Question

Assuming the periodic inventory method is used for the current year, the following data were taken from the accounting records:
 What was the amount for net purchases?
A) $245,000. 
B) $246,000. 
C) $435,000. 
D) $292,000.

Quizplus · Accepted Answer

Net purchases = $250,000 - 4,000 = $246,000.

Assuming the Periodic Inventory Method Is Used for the Current