On January 1, 2017, Scott Enterprises, Ltd. had an inventory of £50,000. On December 31, 2017, Scott had the following account balances. £ 4,000 Freight-in Purchases 000 509,000 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 …
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