Cost of goods soldCost of goods sold: Inventory, May 31, 20Y5 $ 105,000 Cost of merchandise purchased: Purchases $1,110,000 Purchases returns and allowances 55,000 Purchases discounts 30,000 Freight in (22,000) Total cost of merchandise purchased 1,173,000Inventory available for sale $1,278,000Less inventory, June 1, 20Y4 91,300Cost of goods sold before estimated returns $1,186,700Estimated returns of this year’s sales 43,300Cost of goods sold $1,230,000 The schedule of the cost of goods sold for the year ended May 31, 20Y5 above contains errors. Prepare a corrected schedule of the cost of goods sold.

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Description: Cost of goods soldCost of goods sold: Inventory, May 31, 20Y5 $ 105,000 Cost of merchandise purchased: Purchases $1,110,000 Purchases returns and allowances 55,000 Purchases discounts 30,000 Freight in (22,000) To

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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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Cost of goods sold

Cost of goods sold:
Inventory, May 31, 20Y5		$ 105,000
Cost of merchandise purchased:
Purchases	$1,110,000
Purchases returns and allowances	55,000
Purchases discounts	30,000
Freight in	(22,000)
Total cost of merchandise purchased		1,173,000
Inventory available for sale		$1,278,000
Less inventory, June 1, 20Y4		91,300
Cost of goods sold before estimated returns		$1,186,700
Estimated returns of this year’s sales		43,300
Cost of goods sold		$1,230,000

The schedule of the cost of goods sold for the year ended May 31, 20Y5 above contains errors. Prepare a corrected schedule of the cost of goods sold.

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