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EXERCISES E41 a.$318,000 ($795,000 $477,000) b.40% ($318,000 ÷ $795,000) c.No. It depends on the amount of operating(a) expenses. If operating expenses are little than revenue profit, there will be a natural spring the sack income. On the other hand, if operating expenses egest gross profit, there will be a winnings loss. E42 $30,477 million ($40,023 million $9,546 million) E43 a.Purchases discounts, purchases returns and allowances b.Freight in c. production available for cut-rate sale d.Merchandise ancestry (ending) E44 a. terms of sell interchange: Merchandise inventory, celestial latitude 1, 2009$210,000 Purchases$1,400,000 little:Purchases returns and allowances$20,000 Purchases discounts18,50038,500 Net purchases$1,361,500 sum up freight in14,100 exist of trade purchased1,375,600 Merchandise available for sale$1,585,600 Less deal inventory, November 30, 2010185,000 Cost of merchandise interchange$1,400,600 b.$84 9,400 ($2,250,000 $1,400,600) E45 1.The schedule should begin with the August 1, 2009, not the July 31, 2010, merchandise inventory. 2.Purchases returns and allowances and purchases discounts should be deducted from (not added to) purchases. 3.

The result of subtracting purchases returns and allowances and purchases discounts from purchases should be labeled net purchases. 4.Freight in should be added to net purchases to surrender toll of merchandise purchased. 5.The merchandise inventory at July 31, 2010, should be deducted from merchandise available for sale to yield cost of merchandise sold. A cor rect cost of merchandise sold section is as ! follows: Cost of merchandise sold: Merchandise inventory, August 1, 2009$125,000 Purchases$975,000 Less:Purchases returns and allowances$12,000 Purchases discounts8,00020,000 Net purchases$955,000 Add freight in13,500 Cost of merchandise purchased968,500 Merchandise...If you want to get a right essay, order it on our website: OrderCustomPaper.com

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