A firm had merchandise inventory of $60,000 on January 1, 2014, and had purchases of $90,000, freight in of $1,200, purchases returns and allowances of $4,600, and purchases discounts of $2,000 during 2014. The firm had merchandise inventory of $54,000 on December 31, 2014.
1. What net delivered cost of purchases was shown for the year ended December 31, 2014, on the classified income statement?
2. What was the cost of goods sold?

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The Answer of A firm had merchandise inventory of $60,000 on January 1, 2014, and had purchases of $90,000, freight in of $1,200, purchases returns and allowances of $4,600, and purchases discounts of $2,000 during 2014. The firm had merchandise inventory of $54,000 on December 31, 2014.
1. What net delivered cost of purchases was shown for the year ended December 31, 2014, on the classified income statement?
2. What was the cost of goods sold?

A Firm Had Merchandise Inventory of $60,000 on January 1