Compute cost of goods purchased and the cost of goods sold

Assignment Help Financial Accounting

Reference no: EM13142214

Cost of Goods Purchased, cost of goods sold and income statement. The following data are for Montgomery Retail Outlet Stores. The account balances (in thousands) are for 2011:

Marketing & Advertising 24,000
Merchandise inventory, January 1, 2011 45,000
Shipping to customers 2,000
Building Depreciation 4,200
Purchases 260,000
General and Admin Costs 32,000
Merchandise inventory December 31, 2011 52,000
Merch Freight-In 10,000
Purchases returns and allowances 11,000
Purchase Discounts 9,000
Revenue 320,000

1. Compute the cost of goods purchased and the cost of goods sold

2. Prepare the income statement for 2011

Reference no: EM13142214

Questions Cloud

What amount should cox show in the investment account : What amount should Cox show in the investment account at December 31, 2012 if the beginning of the year balance in the account was $40,000?

What other consequences might result from electron carriers : when flavoprotein transfers electrons directly to the final electron acceptor hydrogen peroxide is produced. What other consequences might result from electron carriers in the ETC being bypassed?

Process inventory in the department : There were 7,500 units in the department's beginning work in process inventory, two thirds complete with respect to conversion costs. During March, 52,500 units were started and 50,000 were completed and transferred out of the department. The endi..

Is this project economically feasible : Is this project economically feasible? Show work in an excel spreadsheet that lists the benefit for each individual.

Compute cost of goods purchased and the cost of goods sold : Compute the cost of goods purchased and the cost of goods sold. Prepare the income statement for 2011

Find standard deviation of the sampling distribution of mean : What is the standard deviation of the sampling distribution of the sample mean x if a sample of 64 students is selected at random from the entire freshman class?

Compare the recipes of nutrient agar and he agar : Compare the recipes of nutrient agar and HE agar. If an organism can grow on both media, on which would you expect it to grow better? Why?

Why do molecular biologists place the gene : Why do molecular biologists place the gene for antibiotic resistance in cloning vectors?

Income derived from investment : On comparative income statements issued in 2010 for the years of 2007, 2008, and 2009, what would Smith report as its income derived from this investment in Barker?

User Account

All Pages