Using the data that follows and assuming cost of goods sold is $273,700, prepare the cost of goods sold section of a merchandising income statement (periodic inventory system). Include the amount of purchases for the month of October.   Freight in $13,800 Merchandise inventory, Sept 30 2014 $37,950 Merchandise inventory Oct 31, 2014 $50,600 Purchases $? Purchases returns and allowances $10,350

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A: SOLUTION COST OF GOOD SOLD- IT REFERS TO THE DIRECT COSTS OF PRODUCING THE GOOD SOLD BY THE COMPANY.

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A: Introduction:- FIFO means First in first out method. It is one of the inventory valuation method.…

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A: Cost of merchandise sold = opening stock + Purchases + direct expenses - closing stock    Gross…

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A: COST OF GOODS SOLD= OPENING INVENTORY+PURCHASES-PURCHASE RETURNS-PURCHASE DISCOUNTS-FREIGHT…

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A:

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A:

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A: Solution: Cost of goods sold = Sales - Gross profit = $611,400 - ($611,400*61%) = $238,446

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