cengageNowv2l Online teac. https:/N2 cengagenow.com/lm/takeAssignment/takeAssign
ID: 2396176 • Letter: C
Question
cengageNowv2l Online teac. https:/N2 cengagenow.com/lm/takeAssignment/takeAssignmentMain.do?invoker assignments@itakeAssignmentSessi Ch. 5 Exam Instructions Cost of Goods Sold and Gross Profit $393,250 380,100 1,579,600 81,200 16,500 2,060,000 59,250 Inventory, May 31 Purchases Purchases returns and allowances Purchases discounts Prepare a schedule of the Cost of Goods Sold for the year ended May 31. Refer to the lists of Labels and Amount Descriptions for the exact wording of the answer choices for text entries. Negative amounts should be entered with a minus sign. Be sure to complete the statement heading. Schedule of the Cost of Goods Sold For the Year ended May 31 Required: Using the above data taken from Payton Inc, which uses a periodic inventory system, prepare a schedule of cost of goods sold and determine the gross profit to be reported on the income statement for the year to the lists of Labels and Amount Descriptions for the exact wording of the answer choices for text entries. Negative amounts should be entered with a minus sign. Be sure to complete the statement heading. ended May 31. Refer Previous Next This installer database contains the logic and data required to install Evergreen App 8-54 PM O Type here to searchExplanation / Answer
Schedule of Cost of Goods sold: Beginning Inventory of Finished Goods 393250 Add: Current year net purchases Ppurchase-Gross 1579600 Less: Purchase discount 16500 Less: Purchase return and allowancne 81200 Add: Freight in 59,250.00 Net purchase cost 1,541,150.00 Cost of Goods available for sale 1,934,400.00 Less: ending inventory of Finished Goods 380100 Cost of Goods sold 1,554,300.00 Gross profits for the year: Sales revenue 2,060,000.00 Less: Cost of Goods sold 1,554,300.00 Gross profits for the year: 505,700.00
Related Questions
Navigate
Integrity-first tutoring: explanations and feedback only — we do not complete graded work. Learn more.