Prepare the cost of goods sold section of income statement

Assignment Help Financial Accounting

Reference no: EM13913379

Using the data that follows and assuming cost of goods sold is $273,700, prepare the cost of goods sold section of a merchandising income statement (periodic inventory system). Include the amount of purchases for the month of October.

Freight-in	$13,800
Merchandise inventory, September 30, 2014	37,950
Merchandise inventory, October 31, 2014	50,600
Purchases	?
Purchases returns and allowances	10,350

Reference no: EM13913379

Questions Cloud

What is the amount collected by sanborn on april twenty five : Assume a return of merchandise on April 20 of $600 and collection in full on April 25. What is the amount collected by Sanborn on April 25?

Pretax cost savings-computer-based order entry system : Your firm is contemplating the purchase of a new $565,000 computer-based order entry system. The system will be depreciated straight-line to zero over its five-year life. It will be worth $57,000 at the end of that time. You will be able to reduce wo..

For many years gerber has manufactured : For many years Gerber has manufactured baby food in small, single sized containers.

Properties of materials : A sample material is pulled by a certain force so that an elastic elongation is recorded. What is the ratio of deformation between loaded and unloaded conditions known as?

Prepare the cost of goods sold section of income statement : Prepare the cost of goods sold section of a merchandising income statement (periodic inventory system). Include the amount of purchases for the month of October.

Pressure and force : A pneumatic ram has a chamber piston diameter of 150 mm and is subjected to a variable source of pressure for actuation. What pressure will be required to produce an actuation force of 2 kN (consider the cylinder to be friction less)

At what level of pretax cost savings : Your firm is contemplating the purchase of a new $550,000 computer-based order entry system. The system will be depreciated straight-line to zero over its five-year life. It will be worth $54,000 at the end of that time. At what level of pretax cost ..

Indicate which decisions relates primarily to classification : Indicate which of the decisions relates primarily to (a) classification, (b) merchandising inventory, (c) periodic inventory system, or (d) operating cycle.

Analyze the corporation most recent financial statements : Use the organization's financial to determine its financial health. Identify examples from the organization's financial statements to justify the team's responses.

User Account

All Pages