Beginning inventory Merchandise$ 321,000 Finished goods $ 642,000Cost of merchandise purchased420,000 Cost of goods manufactured 940,000Ending inventory Merchandise221,000 Finished goods 215,000Compute cost of goods sold for each of these two companies. Beginning inventoryMerchandiseFinished goodsCost of merchandise purchasedCost of goods manufacturedEnding inventoryMerchBusinessMfg BusinessUnimart$ 321,000MerchandiseFinished goodsCompute cost of goods sold for each of these two companies.Cost of goods sold420,000Goods available for saleCost of goods sold221,000Complete this question by entering your answers in the tabs below.BARE MANUFACTURINGComputation of Cost of Goods SoldBareManufacturingCompute cost of goods sold for the company in Manufacturing Business.$ 642,000$940,000Merch Business215,0000Mfg Business Beginning inventoryMerchandiseFinished goodsCost of merchandise purchasedCost of goods manufacturedEnding inventoryMerchBusinessUnimartMfg Business$ 321,000420,000MerchandiseFinished goodsCompute cost of goods sold for each of these two companies.Cost of goods soldMerchandise inventory, beginningAdd: Cost of goods manufacturedGoods available for saleLess: Finished goods inventory, endingCost of goods sold221,000BareManufacturingComplete this question by entering your answers in the tabs below.UNIMARTComputation of Cost of Goods Sold$ 642,000$Compute cost of goods sold for the company in Merchandising Business.940,000Merch Business215,0000Mfg Business

Answered: Beginning inventory Merchandise $…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Beginning inventory
Merchandise	$ 321,000
Finished goods		$ 642,000
Cost of merchandise purchased	420,000
Cost of goods manufactured		940,000
Ending inventory
Merchandise	221,000
Finished goods		215,000

Compute cost of goods sold for each of these two companies.

Beginning inventory
Merchandise
Finished goods
Cost of merchandise purchased
Cost of goods manufactured
Ending inventory
Merch
Business
Mfg Business
Unimart
$ 321,000
Merchandise
Finished goods
Compute cost of goods sold for each of these two companies.
Cost of goods sold
420,000
Goods available for sale
Cost of goods sold
221,000
Complete this question by entering your answers in the tabs below.
BARE MANUFACTURING
Computation of Cost of Goods Sold
Bare
Manufacturing
Compute cost of goods sold for the company in Manufacturing Business.
$ 642,000
$
940,000
Merch Business
215,000
0
Mfg Business

Beginning inventory
Merchandise
Finished goods
Cost of merchandise purchased
Cost of goods manufactured
Ending inventory
Merch
Business
Unimart
Mfg Business
$ 321,000
420,000
Merchandise
Finished goods
Compute cost of goods sold for each of these two companies.
Cost of goods sold
Merchandise inventory, beginning
Add: Cost of goods manufactured
Goods available for sale
Less: Finished goods inventory, ending
Cost of goods sold
221,000
Bare
Manufacturing
Complete this question by entering your answers in the tabs below.
UNIMART
Computation of Cost of Goods Sold
$ 642,000
$
Compute cost of goods sold for the company in Merchandising Business.
940,000
Merch Business
215,000
0
Mfg Business

Expert Solution

Step 1

SCHEDULE OF COST OF GOODS MANUFACTURED

Schedule Of Cost Of Goods Manufactured are those Cost Which is Directly or Indirectly Associates with the Production of the Goods.

Direct Cost & Indirect Cost Both are Included in Cost of Goods Manufactured.

Direct Cost Includes Direct Materials & Direct Labour. Manufacturing Overhead Includes all Indirect Cost & Factory Overhead Cost.

SCHEDULE OF COST OF GOODS SOLD

Schedule of Cost of Goods Sold States the Amount of Cost Included in the number of Units Sold During the Period.

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