Apple Company”s records contained the following inventory information:
|
Cost |
Retail |
|
|
$420,000 |
||
|
Sales |
582,000 |
|
|
Purchases |
$396,000 |
12,000 |
|
Purchase returns |
8,400 |
— |
|
Transportation- |
10,800 |
|
|
Merchandise inventory |
||
|
1-Jan |
21,600 |
30,000 |