Cost of goods purchased, cost of goods sold, and income statement. The following data are for Montgomery Retail Outlet Stores. The account balances (in thousands) are for 2011. Building depreciation Purchases Marketing and advertising costs Merchandise inventory, January 1, 2011 Shipping of merchandise to customers General and administrative costs Merchandise inventory, December 31, 2011 Merchandise freight-in Purchase returns and allowances Purchase discounts Revenues 1. Compute (a) the cost of goods purchased and (b) the cost of goods sold. 2. Prepare the income statement for 2011. $ 4,200 260,000 32,000 52,000 10,000 11,000 9,000 320,000 $ 24,000 45,000 2,000
Cost of goods purchased, cost of goods sold, and income statement. The following data are for Montgomery Retail Outlet Stores. The account balances (in thousands) are for 2011. Building depreciation Purchases Marketing and advertising costs Merchandise inventory, January 1, 2011 Shipping of merchandise to customers General and administrative costs Merchandise inventory, December 31, 2011 Merchandise freight-in Purchase returns and allowances Purchase discounts Revenues 1. Compute (a) the cost of goods purchased and (b) the cost of goods sold. 2. Prepare the income statement for 2011. $ 4,200 260,000 32,000 52,000 10,000 11,000 9,000 320,000 $ 24,000 45,000 2,000
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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Transcribed Image Text:Cost of goods purchased, cost of goods sold, and income statement. The following data are for
Montgomery Retail Outlet Stores. The account balances (in thousands) are for 2011.
Marketing and advertising costs
Merchandise inventory, January 1, 2011
Shipping of merchandise to customers
Building depreciation
Purchases
General and administrative costs
Merchandise inventory, December 31, 2011
Merchandise freight-in
Purchase returns and allowances
Purchase discounts
Revenues
1. Compute (a) the cost of goods purchased and (b) the cost of goods sold.
2. Prepare the income statement for 2011.
$ 4,200
260,000
32,000
52,000
10,000
11,000
9,000
320,000
$ 24,000
45,000
2,000
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