Sir Win – Accounting Lectures

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Lecture 01: Gross Profit Method
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Robert John Quizana Company provided the following information:

2020 2021
Sales 7,500,000 4,500,000
Beginning Inventory 1,260,000
Purchases 6,450,000 3,180,000
Freight In 350,000 220,000
Purchase Discounts 90,000 45,000
Purchase Returns 120,000 40,000
Purchase Allowances 20,000 15,000
Ending Inventory 2,355,000

Compute for the inventory cost on December 31, 2021.