The remaining commercial goods of the enterprise from the previous period are 15,500 TL. the cost of the goods purchased during the period is 255,500 TL. The cost of the goods remaining in stock at the end of the period was determined to be TL 106,000. The company's Domestic Sales during the period amounted to TL 88,000. Overseas Sales are 177,000 TL. Their refund from the sale is 11.000 TL. According to this information, find and account for the goods available for sale and the cost of commercial goods sold, and close the income and expense accounts related to the sale of goods. Find gross sales profit or loss.

The remaining commercial goods of the enterprise from the previous period are 15,500 TL. the cost of the goods purchased during the period is 255,500 TL. The cost of the goods remaining in stock at the end of the period was determined to be TL 106,000. The company's Domestic Sales during the period amounted to TL 88,000. Overseas Sales are 177,000 TL. Their refund from the sale is 11.000 TL. According to this information, find and account for the goods available for sale and the cost of commercial goods sold, and close the income and expense accounts related to the sale of goods. Find gross sales profit or loss.

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

Chapter5: The Income Statement And The Statement Of Cash Flows

Section: Chapter Questions

Problem 3RE: Shaquille Corporation began the current year with inventory of 50,000. During the year, its...

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