Solution-Compute the cost of goods purchased and sold

Compute the cost of goods purchased and sold

Assignment Help Financial Accounting

Reference no: EM13528361

The following data are for Marvin Department Store. The account balances (in thousands) are for 2011.

Marketing, distribution, and customer-service costs $ 37,000
Merchandise inventory, January 1, 2011 27,000
Utilities 17,000
General and administrative costs 43,000
Merchandise inventory, December 31, 2011 34,000
Purchases 155,000
Miscellaneous costs 4,000
Transportation-in 7,000
Purchase returns and allowances 4,000
Purchase discounts 6,000
Revenues 280,000

Required

1. Compute (a) the cost of goods purchased and (b) the cost of goods sold.

2. Prepare the income statement for 2011.

Reference no: EM13528361

Questions Cloud

Find how far from the edge of the building : A physics student stands on the edge of a tall building 50.0m high. She throws a ball with a speed of 20.0m/s at an angle of 38.0 degrees above the horizon. how far from the edge of the building (what x) does the ball hit the ground

Define the mechanisms of thermal explosions : Explain the mechanisms of thermal explosions and branched-chain explosions. The atomic bomb is a classical model of a branched-chain explosion. Explain the notions of sub-critical, critical, and super-critical masses of a fissionable isotope.

Find what is the wind velocity : A light plane is headed due south with a speed of 151km/h relative to still air. What is the wind velocity

Explain why is the angular momentum of some nuclei : Why is the angular momentum of some nuclei and molecules observable. How is it observed? What are some typical results.

Compute the cost of goods purchased and sold : Compute the cost of goods purchased and (b) the cost of goods sold and prepare the income statement for 2011.

Determine at what rate does the mass accelerate : An astronaut on the moon applies a100N horizontal force to a 10kg mass at rest on a table. At what rate does the mass accelerate

Define the r branch that gives the line of maximum intensity : In its vibration-rotation spectrum what is the meaning of the P,Q and R branches. What is the J value of the lower rotational state in the R branch that gives the line of maximum intensity

Prepare the income statement for 2011 : Compute the cost of goods purchased and (b) the cost of goods sold - prepare the income statement for 2011.

Explain the bottoms of the beakers are at the same level : The bottoms of the beakers are at the same level. The one on the left is filled with 1 L of water at 20 C with a coefficient of viscosity of 1 cP. How long will it take for the beaker on the left to have 60% of its original level

User Account

All Pages

Compute the cost of goods purchased and sold

Reference no: EM13528361

Reference no: EM13528361

Questions Cloud

Reviews

Write a Review

Financial Accounting Questions & Answers

Financial statement analysis and preparation

Shareholder of a company

Financial and accounting principles

Prepare a statement of cash flow using the direct method

Financial accounting assignment

Prepare general journal entries for goela

Principles of financial accounting

Prepare general journal entries to record the transactions

Global reporting initiative

Explain the iasb conceptual frameworks

Determine the company''s financial statements

Computation of free cash flow

Assured A++ Grade

Academics

Major Subjects

Majors

Get In Touch

TERMS & POLICIES

HELP & SUPPORT