Neil Webster is the sole proprietor of Prestigious Pugs, a business specializing

Question

Neil Webster is the sole proprietor of Prestigious Pugs, a business specializing in the sale of high-end pet gifts and accessories. Prestigious Pugs' sales totaled $1,105,000 during the most recent year. During the year, the company spent $55,000 on expenses relating to website maintenance, $30,500 on marketing, and $29,500 on wrapping, boxing, and shipping the goods to customers. Prestigious Pugs also spent $638,000 on inventory purchases and an additional $19,500 on freight-in charges. The company started the year with $16,250 of inventory on hand and ended the year with $16,000 of inventory. Prepare Prestigious Pugs' income statement for the most recent year. Neil Webster is the sole proprietor of Prestigious Pugs, a business specializing in the sak $1,105,000 during the most recent year. During the year, the company sper $29,500 on wrapping, boxing, and shipping the goods to customers. Prestigious Pugs als on freight-in charges. The company started the year with $16,250 of inventory on hand a income statement for the most recent year Begin by calculating the cost of goods sold for the year. Prestigious Pugs Cost of Goods Sold For Current Year Plus: Less: Cost of goods sold Choose from any list or enter any number in the input fields and then click Check part remaining Clear A Type here to search n e

Explanation / Answer

Calculate cost of goods sold :

Prepare income statement :

Beginning inventory 16250 Plus : Inventory purchase (638000+19500) 657500 Total goods available for sale 673750 Less : Ending inventory (16000) Cost of goods sold 657750

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