Based upon the following data, determine the cost of merchandise sold for May. Follow the format used in Exhibit 2.
|
Merchandise inventory, May 1 |
$121,200 |
|
Merchandise inventory, May 31 |
142,000 |
|
Purchases |
985,000 |
|
Purchases returns and allowances |
23,500 |
|
Purchases discounts |
21,000 |
|
Transportation in |
11,300 |