Shown here are annual financial data at December 31, 2017, taken from two differ

Question

Shown here are annual financial data at December 31, 2017, taken from two different companies.

Required:
1. Prepare the cost of goods sold section of the income statement at December 31, 2017, for each company in Merchandising Business and Manufacturing Business.

Prepare the cost of goods sold section of the income statement at December 31, 2017, for company in Merchandising Business.

Prepare the cost of goods sold section of the income statement at

December 31, 2017, for company in Manufacturing Business.

Music World
Retail Wave-Board
Manufacturing Beginning inventory Merchandise $ 185,000 Finished goods $ 360,000 Cost of purchases 340,000 Cost of goods manufactured 574,000 Ending inventory Merchandise 140,000 Finished goods 280,000

Required:
1. Prepare the cost of goods sold section of the income statement at December 31, 2017, for each company in Merchandising Business and Manufacturing Business.

Prepare the cost of goods sold section of the income statement at December 31, 2017, for company in Merchandising Business.

MUSIC WORLD RETAIL Partial Income Statement For Year Ended December 31, 2017 Cost of goods sold: Goods available for sale Cost of goods sold

Explanation / Answer

Cost of goods sold section of merchandise bussiness :

Cost of goods sold section of manufacturing bussiness :

Cost of goods sold Beginning inventory 185000 Cost of purchase 340000 Cost of goods available for sale 525000 Less; Ending inventory -140000 Cost of goods sold 385000

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