COMPLETE THE MISSING VALUES IN THE INCOME STATEMENTCost of goods sold (COGS)Opening stockAdd: purchasesFreight charges4,0005,0001,000Cost of purchases6,000Less: purchases discountLess: return outwardNet purchases500200(700)Cost of goods available for saleLess closing stockActivate W3,000Cost of goods sold (COGS)?D subjeribe

Name: COMPLETE THE MISSING VALUES IN THE INCOME STATEMENTCost of goods sold
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Description: COMPLETE THE MISSING VALUES IN THE INCOME STATEMENTCost of goods sold (COGS)Opening stockAdd: purchasesFreight charges4,0005,0001,000Cost of purchases6,000Less: purchases discountLess: return outwardNet purchases500200(700)Cost of goods available fo

Income Statement:- It is a statement that is a part of a financial statement and it records the…

Business

Accounting

Cost of goods sold (COGS) Opening stock 4,000 Add: purchases 5,000 Freight charges 1,000 Cost of purchases 6,000 Less: purchases discount 500 Less: return outward 200 (700) Net purchases Cost of goods available for sale Less closing stock Activate W3,000 Co toC ngst Cost of goods sold (COGS)

Cost of goods sold (COGS) Opening stock 4,000 Add: purchases 5,000 Freight charges 1,000 Cost of purchases 6,000 Less: purchases discount 500 Less: return outward 200 (700) Net purchases Cost of goods available for sale Less closing stock Activate W3,000 Co toC ngst Cost of goods sold (COGS)

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter7: Inventories: Cost Measurement And Flow Assumptions

Section: Chapter Questions

Problem 9E

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