The accounts of Meeks Company have the following balances for 2003:
|
Purchases |
260,000 |
|
Inventory, January 1, 2003 |
40,000 |
|
Purchase returns. |
7,640 |
|
Purchase discounts |
880 |
|
Freight in |
$12,400 |
|
Freight out (selling expense) |
2,400 |
|
Cash |
4,000 |
The inventory count on December 31, 2003, is $48,000. Using the information given, compute the cost of goods sold for Meeks Company for 2003.