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QUESTION

MayaCompany reports the following amounts for the year ending on December 31,2004: MerchandiseInventory,January1,2004:$70,000 CostofTransportation:

.MayaCompany reports the following amounts for the year ending on December 31,2004:

MerchandiseInventory,January1,2004:$70,000                                 CostofTransportation:$2,300

Invoice Cost of Merchandise Purchases : $195,000                                Purchase Returns and Allowances: $4,650

PurchaseDiscountsReceived:$3,500                                                         Cost of Goods Sold: $158,700

Costofmerchandise returned by customers and restored to inventory: $17,300

CalculatetheMerchandiseInventory,December31,2004.

A)

$117,750

B)

$83,150

C)

$45,150

D)

$113,150

E)

$129,450

I know the answer is A but I have no clue how or why that is the correct answer.

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