Need assistance on both partial income statements. Shown here are annual financi

Question

Need assistance on both partial income statements.

Shown here are annual financial data at December 31, 2015, taken from two different companies. Music World Wave-Board Retail Beginning inventory Merchandise Finished goods Cost of purchases Manufacturing $230,000 570,000 $ 195,000 330,000 Cost of goods manufactured Ending inventory 160,000 Merchandise Finished goods 270,000 Required 1. Prepare the cost of goods sold section of the income statement at December 31, 2015, for each company Merchandising Business MUSIC WORLD RETAIL Partial Income Statement For Year Ended December 31, 2015 Cost of goods sold Goods available for sale Cost of goods sold

Explanation / Answer

Merchandising Business Music World Retail Partial Income Statement For the year ended December31, 2015 Opening Inventory 195000 Add: Cost of Purchases 330000 Less: Closing -160000 Cost of Goods sold 365000 Manufacturing Business Wave Board Mfg Partial Income Statement For the year ended December31, 2015 Opening Inventory 230000 Add: Cost of Purchases 570000 Less: Closing -270000 Cost of Goods sold 530000

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