MPLETE THE MISSING VALUES IN THE INCOME STATEMENTCost of goods sold (COGS)Opening stock4,000Add: purchases5,000Freight charges1,000Cost of purchases6,000Less: purchases discount500Less: return outward200(700)Net purchasesCost of goods available for saleLess closing stockActiv3,000Cost of goods sold (COGS)

Cost of goods sold = Opening Stock + Purchases + Freight charges - Purchase discount - return…

Cost of goods sold (COGS) Opening stock 4,000 Add: purchases 5,000 Freight charges Cost of purchases Less: purchases discount 1,000 6,000 500 Less: return outward 200 (700) Net purchases Cost of goods available for sale Less closing stock Cost of goods sold (COGS) 3,000

Cost of goods sold (COGS) Opening stock 4,000 Add: purchases 5,000 Freight charges Cost of purchases Less: purchases discount 1,000 6,000 500 Less: return outward 200 (700) Net purchases Cost of goods available for sale Less closing stock Cost of goods sold (COGS) 3,000

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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Question

MPLETE THE MISSING VALUES IN THE INCOME STATEMENT
Cost of goods sold (COGS)
Opening stock
4,000
Add: purchases
5,000
Freight charges
1,000
Cost of purchases
6,000
Less: purchases discount
500
Less: return outward
200
(700)
Net purchases
Cost of goods available for sale
Less closing stock
Activ
3,000
Cost of goods sold (COGS)

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