Give the solution: How much is the total cost of goods sold? Statement of Comprehensive IncomeParticularsAmountNet Sales6,58,000Less: Cost of goods soldBeginning InventoryAdd: PurchasesAdd: Freight inLess: Purchase Returns & AllowancesLess: Purchase DiscountLess: Ending InventoryGross ProfitLess: ExpensesSelling ExpensesGeneral ExpensesSalaries ExpensesRent ExpenseNet profit from Operation1,00,0006,98,0003,000-10,000-3,400-2,71,4005,16,2001,41,8004,00012,00020,0004,00040,0001,01,800

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Give the solution: How much is the total cost of goods sold?

College Accounting (Book Only): A Career Approach

13th Edition

ISBN:9781337280570

Author:Scott, Cathy J.

Publisher:Scott, Cathy J.

Chapter12: Financial Statements, Closing Entries, And Reversing Entries

Section: Chapter Questions

Problem 3E: Identify each of the following items relating to sections of an income statement as Revenue from...

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Question

Give the solution:

How much is the total cost of goods sold?

Statement of Comprehensive Income
Particulars
Amount
Net Sales
6,58,000
Less: Cost of goods sold
Beginning Inventory
Add: Purchases
Add: Freight in
Less: Purchase Returns & Allowances
Less: Purchase Discount
Less: Ending Inventory
Gross Profit
Less: Expenses
Selling Expenses
General Expenses
Salaries Expenses
Rent Expense
Net profit from Operation
1,00,000
6,98,000
3,000
-10,000
-3,400
-2,71,400
5,16,200
1,41,800
4,000
12,000
20,000
4,000
40,000
1,01,800

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