ASSIGNMENT E5-15

ASSIGNMENT E5-15 - 290 6,210 = 6,500 h 7,940 6,210 =...

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E5 - 15 Prepare Cost of Goods Sold Cost of goods Sold B Beginning Inventory 150 Purchases 1,600 Less Purchases returns and allowances 40 Purchases discounts 0 40 Net Purchases 1,560 (a) Add Freight - in 110 Cost of goods Purchased 1,670 (b) Cost of goods available for sale 1,820 Ending Inventory 310 Cost of goods Sold 1,510 Calculations (a) 1,600-40 = 1,560 (b) Net purchases + freight -in = Cost of goods purchased 1,560 + 110 = 1,670 ( c) Cost of goods available to sale - ending inventory = cost of goods sold 1,820 - 310 = 1,510 (d) By taking the purchases and subtracting the net purchases will give us purch 1,080-1,030 = 50 (e) Taking the cost of goods purchased and subtracting the net purchases will g 1,280 - 1,030 = 250 (f) Taking cost of goods available for sale and substracting the cost of goods so 1,350 - 1,230 = 120 (g )

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Unformatted text preview: 290 + 6,210 = 6,500 ( h ) 7,940 - 6,210 = 1,730same explanation as (e). (i) Add together beginning inventory and cost of goods purchased = cost of goo 1,000 + 7,940 = 8,940 ( j ) To get beginning inventory is taking total cost of goods available for sale and 49,530 - 43,330 = 6,200 (k ) Same explaination as (f) 43,590 - 41,090 = 2,500 (l ) same explanation as (b) 41,090 + 2240 = 43,330 F L 70 1,000 1,080 6,500 ( g) 50 (d) 290 50 290 1,030 6,210 250 (e) 1,730 (h) 1,280 7,940 1,350 8,940 120 (f) 1,450 (c ) 1,230 hase returns & allowances give us the freight -in old gives the ending inventory ive the total purchases ods available for sale d subtracting cost of goods purchased. R 6,200 ( J) 43,590 2,500 (k) 2,500 41,090 2,240 43,330 (l) (i) 49,530 6,230 7,490 43,300...
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This note was uploaded on 06/26/2011 for the course ACC 281 taught by Professor Feleciawhitley during the Spring '10 term at University of Phoenix.

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ASSIGNMENT E5-15 - 290 6,210 = 6,500 h 7,940 6,210 =...

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