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Category > Accounting Posted 06 May 2017 My Price 5.00

Prepare the Cost of Goods Sold section of an income statement.

Using the following information, prepare the Cost of Goods Sold section of an income statement.

Purchases Discounts

$9,000

Merchandise Inventory, December 31

192,000

Purchases

480,000

Merchandise Inventory, January 1

188,000

Purchases Returns and Allowances

16,000

Freight In

27,000

 

 

Answers

Alpha Geek
(8)
Status NEW Posted 06 May 2017 10:05 AM My Price 5.00

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file 1494067582-Answer.docx preview (61 words )
U-----------sin-----------g t-----------he -----------fol-----------low-----------ing----------- in-----------for-----------mat-----------ion-----------, p-----------rep-----------are----------- th-----------e C-----------ost----------- of----------- Go-----------ods----------- So-----------ld -----------sec-----------tio-----------n o-----------f a-----------n i-----------nco-----------me -----------sta-----------tem-----------ent-----------. -----------Pur-----------cha-----------ses----------- Di-----------sco-----------unt-----------s $-----------9,0-----------00 ----------- Me-----------rch-----------and-----------ise----------- In-----------ven-----------tor-----------y, -----------Dec-----------emb-----------er -----------31 -----------192-----------,00-----------0 -----------Pur-----------cha-----------ses----------- 48-----------0,0-----------00 ----------- Me-----------rch-----------and-----------ise----------- In-----------ven-----------tor-----------y, -----------Jan-----------uar-----------y 1----------- 18-----------8,0-----------00 ----------- Pu-----------rch-----------ase-----------s R-----------etu-----------rns----------- an-----------d A-----------llo-----------wan-----------ces----------- 16-----------,00-----------0 -----------Fre-----------igh-----------t I-----------n 2-----------7,0-----------00 ----------- An-----------swe-----------r -----------Cos-----------t o-----------f G-----------ood-----------s S-----------old-----------: M-----------erc-----------han-----------dis-----------e I-----------nve-----------nto-----------ry,----------- Ja-----------nua-----------ry -----------1, -----------20â-----------€” -----------188-----------,00-----------0 P-----------urc-----------has-----------es -----------480-----------,00-----------0 L-----------ess-----------: P-----------urc-----------has-----------es -----------Ret-----------urn-----------s a-----------nd -----------All-----------owa-----------nce-----------s 1-----------6,0-----------00 -----------Pur-----------cha-----------ses-----------
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