4 The following account titles and balances were taken from the adjusted trial b

Question

4 The following account titles and balances were taken from the adjusted trial balance of Omar Farm Co. for 2014. The company uses the periodic inventory system Balance S 6,500 800 1.400 139,500 5,500 17,000 3.450 84,000 720 12,400 10,000 8,100 2,500 6,800 1,420 Account Title Sales returns and allowances Miscellaneous expense Transportation-out Sales Advertising expense Salaries expense Transportation-in Purchases Interest expense Merchandise inventory, January 1 Rent expense Merchandise inventory, December 31 Purchase returns and allowances Loss on sale of land Utilities expense Required: a. Prepare a schedule to detemine the amount of cost of goods sold OMAR FARM CO. Schedule of Cost of Goods Sold For the Year Ended December 31, 2014 Cost of goods available for sale Cost of goods sold

Explanation / Answer

SINGLE STEP INCOME STATEMENT Sales revenues: Gross sales 139500 Less: Returns and allowances 6500 Net sales 133000 Operating expense Cost of goods sold 89250 Misc expense 800 Transportation-out 1400 Advertising expense 5500 Salaries expense 17000 Rent expense 10000 Utilities expense 1420 Total operating expense 125370 Non operating items Interest Expense 720 Loss on sale of land 6800 7520 Net income 110 Note: Other parts of problem has already sent.

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