CALCULATOR PRINTER VERSION Exercise 5-13 Below is a series of cost of goods sold

Question

CALCULATOR PRINTER VERSION Exercise 5-13 Below is a series of cost of goods sold sections for companies B, M, O, and s Fill in the lettered blanks to complete the cost of goods sold sections. Beginning inventory Purchases Purchase returns and allowances Net purchases Freight-in Cost of goods purchased Cost of goods available for sale Ending inventory Cost of goods sold $ 315 1,890 101 $151 $ 882 6) 1,361 54,923 365 1,310 9,337 53,285 164 2,822 1,550 10,143 62,408 7,850 54,558 2,268 1,701 391 1,449 1,550 9,576 SAVE FOR LATER Question Attempts: 0 of 5 used

Explanation / Answer

Net purchases = purchases - purchase returns and allowances cost of goods purchased = net purchases +freight-in cost of goods available for sale = beginning inventory +cost of goods purchased cost of goods sold = cost of goods available for sale - ending inventory B M O S Beginning inventory 315 151 882 6301 purchases 1,890 1,361 9702 54,923 purchase returns and allowances 101 51 365 1,638 net purchases 1789 1,310 9,337 53,285 Freight-in 164 240 806 2,822 cost of goods purchased 1953 1,550 10,143 56,107 cost of goods available for sale 2268 1701 11025 62,408 ending inventory 391 151 1,449 7,850 cost of goods sold 1877 1,550 9,576 54,558

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