The Inventory on October 1 of the David Charles Company

question 44

Essay

The inventory on October 1 of the David Charles Company had a recorded cost of $19,500. Its retail value was $39,000. During the month of October, purchases in the amount of $30,320 (including freight of $320)were made and priced at retail for $67,000. Sales for the month of October amounted to $74,000. What is the October cost of goods sold and the ending inventory at cost and at retail?

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Definitions:

Moral Idealism

A philosophy that emphasizes the role of morality in determining the framework of human actions, often prioritizing ethical principles and ideals over practical considerations.

Urban Environment

The human-made surroundings and conditions in which city dwellers live, work, and play, including buildings, public spaces, infrastructure, and air quality.

American Anti-Slavery Society

An abolitionist society founded in 1833 that advocated for the immediate emancipation of all slaves in the United States.

Conversion Efforts

Activities aimed at changing someone's beliefs or values, often used in the context of religious conversion.