Mr. T's Premium Espresso, Schedule of Cost of Goods Sold, For the year ending December 31, 2021 Mr. T's Premium Espresso Schedule of Cost of Goods Sold For the year ending Decemeber 31, 2021 Inventory at January 1, 2021 (Beginning) A) Purchases B) Less: Purchase Discounts Less: Purchase Returns/Allowances Net Purchases D) E) F) G) Transportation-In (Freight Expense) H) I) J) Cost of Goods Available for Sale Less: Inventory at December 31, 2021 (Last Physical Inventory we took) Cost of Goods Sold K)

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 6E: Goods in Transit Gravais Company made two purchases on December 29, 2019. One purchase for 3,000 was...
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20) Suppose that Mr. T Creates a business that sells Premium Espresso. Suppose at the beginning of the fiscal period (January 1st 2021), Mr. T had a total inventory of $460,000. He Purchased $75,000 of additional inventory during the fiscal period, received $17,000 in discounts from paying his bills on time, and returned $3,000 of spoiled goods. Suppose also that Mr. T spent around $4,000 to Transport goods to and from himself and customers. Upon taking a physical inventory at the end of the fiscal period (Yearly fiscal period), Mr. T discovers that he has $230,000 of remaining inventory. FILL IN THE BLANKS properly for Mr. T's Premium Espresso, Schedule of Cost of Goods Sold, For the year ending December 31, 2021.

1.The Value for "A)" would be....?

2.The Value for "B)" would be....? 

3.The Value for "C)" would be....? 

4.The Value for "D)" would be....?

5.The Value for "E)" would be....?

6.The Value for "F)" would be....?

7.The Value for "G)" would be....?

8.The Value for "H)" would be....?

9.The Value for "I)" would be....? 

10.The Value for "J)" would be....? 

11.The Value for "K)" would be....?

 

 
Mr. T's Premium Espresso, Schedule of Cost of Goods Sold, For the year ending
December 31, 2021
Mr. T's Premium Espresso
Schedule of Cost of Goods Sold
For the year ending Decemeber 31, 2021
Inventory at January 1, 2021 (Beginning)
A)
Purchases
B)
Less: Purchase Discounts
C)
D)
Less: Purchase Returns/Allowances
E)
F)
Net Purchases
Transportation-lIn (Freight Expense)
G)
H)
Cost of Goods Available for Sale
Less: Inventory at December 31, 2021 (Last Physical Inventory we took)
Cost of Goods Sold
K)
Transcribed Image Text:Mr. T's Premium Espresso, Schedule of Cost of Goods Sold, For the year ending December 31, 2021 Mr. T's Premium Espresso Schedule of Cost of Goods Sold For the year ending Decemeber 31, 2021 Inventory at January 1, 2021 (Beginning) A) Purchases B) Less: Purchase Discounts C) D) Less: Purchase Returns/Allowances E) F) Net Purchases Transportation-lIn (Freight Expense) G) H) Cost of Goods Available for Sale Less: Inventory at December 31, 2021 (Last Physical Inventory we took) Cost of Goods Sold K)
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