b. $9,070 c. $8,420 d. $17,230 Takenson Corp. Takenson Corp. is a merchandising

Question

b. $9,070 c. $8,420 d. $17,230 Takenson Corp. Takenson Corp. is a merchandising company that uses the periodic inventory system. Selected account ba below Sales Purchases Inventory (beginning) Inventory (ending) Operating expenses Income tax expense Retained eamings (beginning Dividends $500,000 225,000 16,000 30,000 148,000 10,000 53,000 15,000 2. Refer to the information for Takenson Corp. Calculate the cost of goods sold a $275,000 b. $259,000 c. $241,000 d. $211,000 George's Department Store George's Department Store is a merchandising company that uses the periodic invent balances are listed below: ory system. Selec $200,000 90,000 23,000 17,000 3,000 7,000 4,000 8,000 5,000 Sales Purchases Inventory (beginning) Inventory (ending) Purchase returns and allowances Purchase discounts Transportation-in Sales discounts Sales returns and allowances 79% 3. Refer to the account information for George's Department Store. Calculate net sales. Copyright Cengage Learning. Powered by Cognero

Explanation / Answer

2.

3.

Beginning inventory $    16,000 Add: Purchases $ 225,000 Less: Ending inventory $ (30,000) Cost of goods sold $ 211,000

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