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On January 1 2017 Scott Enterprises Ltd had inventory of £50000 At December 31 2017 Scott had the following account balances Freight-in

On January 1, 2017, Scott Enterprises, Ltd. had inventory of £50,000. At December 31, 2017, Scott had the following account balances. Freight-in.................................£ 4,000 Purchases.................................509,000 Purchase discounts........................6,000 Purchase returns and allowances.........8,000 Sales revenue............................840,000 Sales discounts.............................7,000 Sales returns and allowances............11,000 At December 31, 2017, Scott determines that its ending inventory is £60,000. Instructions (a) Compute Scott s 2017 gross profit. (b) Compute Scott s 2017 operating expenses if net income is £130,000 and there are no non-operating activities.

Apr 22 2020 View more View Less

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