Tariah4686 Tariah4686

02-11-2022
Business

Answered

cinnamon buns company (cbc) started 2024 with $52,000 of inventory on hand. during 2024, $280,000 in inventory was purchased on account with credit terms of 2/10, n/30. all discounts were taken. purchases were all made f.o.b. shipping point. cbc paid freight charges of $9,000. inventory with an invoice amount of $4,000 was returned for credit. cost of goods sold for the year was $316,000. cbc uses a perpetual inventory system. what is cost of goods available for sale, assuming cbc uses the gross method?

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