question archive A company begins business in June and uses the periodic method
A company begins business in June and uses the periodic method
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A company begins business in June and uses the periodic method. Its June merchandise purchases are $195,000 on account, FOB shipping point. Merchandise that cost $3,000 is returned for credit. Goods that the company sells for $11,000 and that cost $7,000 are returned to the company for cash refunds. On July 6, the company pays a $6,000 freight bill for its June purchases. What is the net cost of the company's June purchases?
a. $192,000
b. $198,000
c. $205,000
d. $209,000
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