Kimmel, Accounting, 6e FINANCIAL & MANAGERIAL (ACC 110 Assignment Gradebook ORIO

Question

Kimmel, Accounting, 6e FINANCIAL & MANAGERIAL (ACC 110 Assignment Gradebook ORIONDownloadable eTextbook ent PRINTER VERST 4 BACK Exercise 5-12 The trial balance of Sunland Company at the end of its fiscal year, August 31, 2017, includes these accounts: Beginning Inventory $18,960; Purchases $218,090; Sales Revenue $192,100; Freight-In $8,400; Sales Returns and Allowances $4,240; Freight-out $2,110; and Purchase Returns and Allowances $8,680. The ending inventory is $24,200. Prepare a cost of goods sold section (periodic system) for the year ending August 31, 2017 SUNLAND COMPANY Income 7:46 PM 3/3/2018 4

Explanation / Answer

Cost of goods sold section in the Income Statement is as prepared below:

Sunland Company Income Statement For the Year Ending August 31, 2017 Particulars Amount ($) Amount ($) Opening Inventory August 1, 2017 18,960 Add: Purchases 218,090 Less: Purchase Return -8,680 Net Purchases 209,410 Add: Freight In 8,400 Cost of goods purchased 217,810 Cost of goods available for sale 236,770 less: Inventory Aug 31, 2017 -24,200 Cost of goods sold 212,570

Related Questions

Navigate

• Browse (All)
• Browse K
• Subjects

---

---

Integrity-first tutoring: explanations and feedback only — we do not complete graded work. Learn more.