The following amounts are known: Beginning merchandise inventory $29,000 Ending merchandise inventory 26,000 Purchases 62,000 Purchases returns and allowances 2,800 Purchases discounts 3,300 Freight-in 100 Required: Prepare the cost of goods sold section for Havens Gift Shop.

The following amounts are known: Beginning merchandise inventory $29,000 Ending merchandise inventory 26,000 Purchases 62,000 Purchases returns and allowances 2,800 Purchases discounts 3,300 Freight-in 100 Required: Prepare the cost of goods sold section for Havens Gift Shop.

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter10: Inventory

Section: Chapter Questions

Problem 10PA: Calculate a) cost of goods sold, b) ending inventory, and c) gross margin for A76 Company,...

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Calculation of Cost of Goods Sold: Periodic Inventory System
Instructions
Amount Descriptions
Income Statement
Instructions
The following amounts are known:
Beginning merchandise inventory
$29,000
Ending merchandise inventory
26,000
Purchases
62,000
Purchases returns and allowances
2,800
Purchases discounts
3,300
Freight-in
100
Required:
Prepare the cost of goods sold section for Havens Gift Shop.

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