Answer:
Cost of goods purchased= $690,820
Explanation:
Giving the following information:
Purchase Discounts$ 11,100
Freight-in $16,800
Purchases $698,020
Purchase Returns and Allowances $12,900
To calculate the cost of goods purchased, we need to use the following formula:
Cost of goods purchased= Purchase - discounts - returns + freight in
Cost of goods purchased= 698,020 - 11,100 - 12,900 + 16,800
Cost of goods purchased= $690,820
