Billings Company uses a periodic inventory system. During the year, it made purchases of $402,000…

 
   

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Billings Company uses a periodic inventory system. During the year, it made purchases of $402,000. Freight-In related to these purchases was $21,000. Billings was allowed $8,000 in purchase discounts and returned $14,000 of goods to its supplier. Calculate Billings’ net purchases. View Solution:
Billings Company uses a periodic inventory system During the year