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what is the cost of sales?

what is the cost of sales?

Intermediate Accounting: Reporting And Analysis
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
Chapter8: Inventories: Special Valuation Issues
Section: Chapter Questions
Problem 13RE: Refer to the information provided in RE8-4. If Paul Corporations inventory at January 1, 2019, had a...
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what is the cost of sales?

BTS Corporation provided the following balances in its trial balance for the year ended December 31, 2021 ACCOUNT TITLES DEBIT CREDIT Patent 160,000 Prepaid rent expense Raw materials inventory Cash and cash equivalents Notes payable (due April 1, 2022) Investment in equity securities - FVPL Machinery and equipment Accumulated depreciation - machinery and equipment Accounts receivables Goods in process inventory Bonds payable at fair value Bonds payable 304,000 358,500 817,300 435,100 525,910 6,200,500 1,860,150 227,350 56,280 350,100 1,200,000 Investment in debt securities - FVOCI 748,950 Land 8,450,000 Sales 5,800,210 Accrued interest income 51,500 Allowance for doubtful accounts 45,470 Premium on bonds payable Retained earnings (beginning) Raw material purchases Building Accumulated depreciation - building Direct labor Notes receivable (from trade customers) Loss on change in fair value attributable to credit risk of a financial liability designated as FVPL Unrealized loss on investment in equity securities - FVPL Finished goods inventory Unrealized gain on investment in debt securities Distribution cost Manufacturing overhead Advances to officers and employees (current) Accrued utilities expense Income tax payable Office supplies Administrative cost 96,000 3,714,024 1,730,540 5,145,000 1,029,000 813,900 325,000 85,750 103,870 245,660 FVOCI 230,350 217,940 346,920 50.280 292,750 154,621 45,710 163,455 Finance cost 65,382 Accounts payable Share capital Share premium Gain on sale of equipment Purchase returns and allowance Sales discounts Freight in Share dividends payable 326,900 8,125,000 2,057,590 164,370 68,452 290,011 173,054 2,437,500 Income tax expense 618,485 Amortization of patent Income summary TOTALS 40,000 686,780 660,440 29,048,027 29,048,027 Beginning Ending 358,500 Raw materials, beginning 256,000 Goods in process, beginning Finished goods, beginning 105,720 56,280 325,060 245,660 Total 686,780 660,440
Transcribed Image Text:BTS Corporation provided the following balances in its trial balance for the year ended December 31, 2021 ACCOUNT TITLES DEBIT CREDIT Patent 160,000 Prepaid rent expense Raw materials inventory Cash and cash equivalents Notes payable (due April 1, 2022) Investment in equity securities - FVPL Machinery and equipment Accumulated depreciation - machinery and equipment Accounts receivables Goods in process inventory Bonds payable at fair value Bonds payable 304,000 358,500 817,300 435,100 525,910 6,200,500 1,860,150 227,350 56,280 350,100 1,200,000 Investment in debt securities - FVOCI 748,950 Land 8,450,000 Sales 5,800,210 Accrued interest income 51,500 Allowance for doubtful accounts 45,470 Premium on bonds payable Retained earnings (beginning) Raw material purchases Building Accumulated depreciation - building Direct labor Notes receivable (from trade customers) Loss on change in fair value attributable to credit risk of a financial liability designated as FVPL Unrealized loss on investment in equity securities - FVPL Finished goods inventory Unrealized gain on investment in debt securities Distribution cost Manufacturing overhead Advances to officers and employees (current) Accrued utilities expense Income tax payable Office supplies Administrative cost 96,000 3,714,024 1,730,540 5,145,000 1,029,000 813,900 325,000 85,750 103,870 245,660 FVOCI 230,350 217,940 346,920 50.280 292,750 154,621 45,710 163,455 Finance cost 65,382 Accounts payable Share capital Share premium Gain on sale of equipment Purchase returns and allowance Sales discounts Freight in Share dividends payable 326,900 8,125,000 2,057,590 164,370 68,452 290,011 173,054 2,437,500 Income tax expense 618,485 Amortization of patent Income summary TOTALS 40,000 686,780 660,440 29,048,027 29,048,027 Beginning Ending 358,500 Raw materials, beginning 256,000 Goods in process, beginning Finished goods, beginning 105,720 56,280 325,060 245,660 Total 686,780 660,440
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