Based Upon the Following Data for a Business with a Periodic

question 41

Essay

Based upon the following data for a business with a periodic inventory system, determine the cost of merchandise sold for August. $\begin{array}{lr}\text { Merchandise inventory, August } 1 & \$ 75,560 \\\text { Merchandise inventory, August } 31 & 96,330 \\\text { Purchases } & 373,880 \\\text { Purchases returns and allowances } & 14,760 \\\text { Purchases discounts } & 10,900 \\\text { Freight in } & 4,135\end{array}$

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Definitions:

Sociological Perspective

A way of looking at society and social behavior that involves questioning the obvious, seeking patterns, and looking beyond individual cases to social structures.

Education

The process of facilitating learning, or the acquisition of knowledge, skills, values, beliefs, and habits through various methods.

Social Stratification

The hierarchical arrangement of individuals or groups in society based on wealth, power, race, education, etc., affecting their access to resources and opportunities.

Individual Ability

Relates to the specific skills, talents, or capacities that distinguish one person from another.