$0 ric 200 The following summarizes Tesla's merchandising activities for the year. Set up T-accounts for Merchan- dise Inventory and for Cost of Goods Sold. Enter each line item into one or both of the two T-accounts and compute the T-account balances. Cost of merchandise sold to customers.. Merchandise inventory, beginning-of-year.... Merchandise purchases, gross amount Shrinkage on inventory as of year-end.... Transportation-in for merchandise purchases. Cost of merchandise returned by customers (and restored to inventory). Discounts received from suppliers on merchandise purchases Returns to and allowances from suppliers on merchandise purchases $196,000 25,000 192,500 800 2,900 2,100 1,700 4,000 Exercise 5-11 Inventory and cost of sales transactions in T-accounts P1 P2 Check Ending Merch. Inventory, $20,000 ricThe following summarizes Tesla's merchandising activities for the year. Set up T-accounts for Merchandise Inventory and for Cost of Goods Sold. Enter each line item into one or both of the two T-accounts andcompute the T-account balances.Cost of merchandise sold to customersMerchandise inventory, beginning-of-yearMerchandise purchases, gross amountShrinkage on inventory as of year-end.Transportation in for merchandise purchasesCost of merchandise returned by customers and restored to inventory.Discounts received from suppliers on merchandise purchasesReturns to and allowances from suppliers on merchandise purchases.$196.00025,000192.5008002,9002,1001,7004,000Exercise 5-11Inventory and cost of salestransactions in T-accountsP1 P2Check Ending MerchInventory: $20.000Guessies 40

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Description: $0 ric 200 The following summarizes Tesla's merchandising activities for the year. Set up T-accounts for Merchan- dise Inventory and for Cost of Goods Sold. Enter each line item into one or both of the two T-accounts and compute the T-account balance

Cost of goods sold : This is the amount of cost which consist in inventory and can be calculated as…

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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 11RE: Jessie Stores uses the periodic system of calculating inventory. The following information is...

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$0 ric 200 The following summarizes Tesla's merchandising activities for the year. Set up T-accounts for Merchan- dise Inventory and for Cost of Goods Sold. Enter each line item into one or both of the two T-accounts and compute the T-account balances. Cost of merchandise sold to customers.. Merchandise inventory, beginning-of-year.... Merchandise purchases, gross amount Shrinkage on inventory as of year-end.... Transportation-in for merchandise purchases. Cost of merchandise returned by customers (and restored to inventory). Discounts received from suppliers on merchandise purchases Returns to and allowances from suppliers on merchandise purchases $196,000 25,000 192,500 800 2,900 2,100 1,700 4,000 Exercise 5-11 Inventory and cost of sales transactions in T-accounts P1 P2 Check Ending Merch. Inventory, $20,000

ric
The following summarizes Tesla's merchandising activities for the year. Set up T-accounts for Merchan
dise Inventory and for Cost of Goods Sold. Enter each line item into one or both of the two T-accounts and
compute the T-account balances.
Cost of merchandise sold to customers
Merchandise inventory, beginning-of-year
Merchandise purchases, gross amount
Shrinkage on inventory as of year-end.
Transportation in for merchandise purchases
Cost of merchandise returned by customers and restored to inventory.
Discounts received from suppliers on merchandise purchases
Returns to and allowances from suppliers on merchandise purchases.
$196.000
25,000
192.500
800
2,900
2,100
1,700
4,000
Exercise 5-11
Inventory and cost of sales
transactions in T-accounts
P1 P2
Check Ending Merch
Inventory: $20.000
Guessies 40

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