College Accounting (Book Only): A ...
Solutions
College Accounting (Book Only): A ...
Using the following information, prepare the Cost of Goods Sold section of an income statement.
Compute cost of goods sold section of income statement.
Cost of goods sold: Cost of goods sold is the total of all the expenses incurred by a company to sell the goods during the given period.
Formula for computation of cost of goods sold:
| Details | Amount ($) | Amount ($) | Amount ($) |
| Merchandise Inventory, January 1 | Â | Â | $XXX |
| Add: Purchases | Â | $XXX | Â |
| Â Â Â Â Â Â Â Â Less: Purchase Returns and Allowances | $XXX | Â | Â |
| Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Purchases Discounts | XXX | XXX | Â |
| Net Purchases | Â | XXX | Â |
| Add: Freight-In | Â | XXX | Â |
| Delivered Cost of Purchases | Â | Â | XXX |
| Cost of Goods Available for Sale | Â | Â | XXX |
| Less: Merchandise Inventory, December 31 | Â | Â | XXX |
| Cost of Goods Sold | Â | Â | $XXX |
Table (1)
Compute cost of goods sold section of income statement...
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