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Based on the following data, determine the cost of merchandise sold for October. Merchandise Inventory, October 1 $ 98,560 Merchandise Inventory, October 31 102,330 Purchases 433,880 Purchases Returns & Allowances 12,760 Purchases Discounts 9,900 Transportation In 7,620

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abiolataiwo2015

Answer:

$414,070

Explanation:

Calculation to determine the cost of merchandise sold for October

Merchandise inventory, october 1 $ 98,560

Add: Purchases $433,880

Add: Transportation in $7,620

Less: Purchase return and allowances $12,760

Less: Purchase discount $9,900

Less: Merchandise inventory, october 31 $102,330

Cost of merchandise sold $414,070

Therefore the cost of merchandise sold for October will be $414,070

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