Reference no: EM132629087
FLOW OF COSTS - MERCHANDISING
Presented below are certain account balances of Our Home Company:
Administrative Expenses 82,500 Purchases 190,000
Beginning Inventory 45,300 Rental Revenue 6,500
Ending Inventory 48,000 Dividends earned 71,000
Income Tax 21,856 Freight-in 10,100
Interest Expense 12,700 Sales Discounts 7,800
Purchase Discounts 2,500 Sales Returns 12,400
Purchase Returns and Allowances 10,500 Sales 390,000
Accumulated profits, beginning 114,400 Selling Expenses 99,400
Accumulated profits, end 134,000
REQUIRED:
Problem 1: Compute for the Cost of Goods Sold
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How do compute for the cost of goods sold
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