Exercise 5-13Below is a series of cost of goods sold sections for companies B, M, O, and S.Fill in the lettered blanks to complete the cost of goods sold sections.  B  M  O  S Beginning inventory $ 305    $ 146    $ 854    $enter a dollar amount (j)Purchases 1,830    1,318    enter a dollar amount (g) 53,180   Purchase returns and allowances 98    enter a dollar amount (d) 354    enter a dollar amount (k)Net purchases enter a dollar amount (a) 1,269    9,040    51,594   Freight-in 159    enter a dollar amount (e) enter a dollar amount (h) 2,733   Cost of goods purchased enter a dollar amount (b) 1,501    9,821    enter a dollar amount (l)Cost of goods available for sale 2,196    1,647    enter a dollar amount (i) 60,427   Ending inventory 378    enter a dollar amount (f) 1,403    7,601   Cost of goods sold enter a dollar amount (c) 1,501    9,272    52,826     Click if you would like to Show Work for this question:Open Show Work

Question
Asked Mar 15, 2019
915 views

Exercise 5-13

Below is a series of cost of goods sold sections for companies B, M, O, and S.

Fill in the lettered blanks to complete the cost of goods sold sections.

   
B
   
M
   
O
   
S
 
Beginning inventory
  $ 305       $ 146       $ 854       $enter a dollar amount
 
(j)
Purchases
  1,830       1,318       enter a dollar amount
 
(g)   53,180    
Purchase returns and allowances
  98       enter a dollar amount
 
(d)   354       enter a dollar amount
 
(k)
Net purchases
  enter a dollar amount
 
(a)   1,269       9,040       51,594    
Freight-in
  159       enter a dollar amount
 
(e)   enter a dollar amount
 
(h)   2,733    
Cost of goods purchased
  enter a dollar amount
 
(b)   1,501       9,821       enter a dollar amount
 
(l)
Cost of goods available for sale
  2,196       1,647       enter a dollar amount
 
(i)   60,427    
Ending inventory
  378       enter a dollar amount
 
(f)   1,403       7,601    
Cost of goods sold
  enter a dollar amount
 
(c)   1,501       9,272       52,826    
 

 

Click if you would like to Show Work for this question:
Open Show Work
check_circle

Expert Answer

Step 1

Cost of goods sold: Cost of goods sold is the total of all the expenses incurred by a company to sell the goods during the given period.

fullscreen
Step 2

Compute the missing figures (a), (b), and (c) for Company B.

fullscreen
Step 3

Compute the missing figures (d), (...

fullscreen

Want to see the full answer?

See Solution

Check out a sample Q&A here.

Want to see this answer and more?

Solutions are written by subject experts who are available 24/7. Questions are typically answered within 1 hour.*

See Solution
*Response times may vary by subject and question.
Tagged in

Business

Accounting

Related Accounting Q&A

Find answers to questions asked by student like you
Show more Q&A
add
question_answer

Q: Identy the type(s) of gain or loss that would be recognized on the following asset sales as capital,...

A: Capital gain relates to profits on the sale of investments or real estateSec 1231 gains is computed ...

question_answer

Q: Handy Harvey is a leading global manufacturer and marketer of power tools, hardware, and home improv...

A: On dividend declaration date, the dividend payable liabilities arises and since dividend are declare...

question_answer

Q: A New York City daily newspaper called “Manhattan Today” charges an annual subscription fee of $135....

A: Deferrals: The term deferral means to receive the cash or the payment of cash that has been made bef...

question_answer

Q: I'm having trouble solving this problem. Thanks!

A: (a) Determine the times interest earned ratio:

question_answer

Q: In two or three paragraphs explain the purpose of variance analysis and its benefits and drawbacks.

A: Standard costs form a significant part of managerial accounting. They are usually associated with di...

question_answer

Q: Why  Question#7's answer is "false"?  Provide your own answer?

A: ASC606 is the new guideline set up by IASB and FASB together to overcome the disparity in revenue re...

question_answer

Q: These transactions took place for Sheffield Corp. 2016     May 1   Received a $4,600, 12-month,...

A: The transactions can be journalized in the following manner : 

question_answer

Q: Milden Company has an exclusive franchise to purchase a product from the manufacturer and distribute...

A: Contribution margin income statement: It is a kind of income statement which reports the sales, vari...

question_answer

Q: Identify the following expenditures as capital expenditures or revenue expenditures. Immediately af...

A: Expenditures: The useful life of the plant assets signifies the time period, that the company estima...