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Do the entry for purchases and compute cost of goods sold

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Reference no: EM132503670

Boston Shop uses a periodic inventory system. At December 31, 2019, the accounting records include the following information:

Inventory(December 31, 2018)------------------------$2500

Net Sales-----------------------------------------------------$80,000

Purchases ----------------------------------------------------$31,000

  • A complete physical inventory taken at December 31, 2019, indicates merchandise costing $2900 remains in stock.

Question a) Do the entry for purchases. Boston Shop bought these items on account.)

Question b) Compute the cost of goods sold in 2019.

Question c) Compute gross profit in 2019

Question d) Prepare 2 closing entries at December 31, 2019

Reference no: EM132503670

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