Determining the Beginning and Ending Inventory from a Partial Spreadsheet: Periodic Inventory System From the following partial spreadsheet, indicate the dollar amount of beginning and ending merchandise inventory to be used to compute cost of goods sold. ADJUSTMENTS ADJUSTED TRIAL BALANCE ACCOUNT TITLE DEBIT CREDIT DEBIT CREDIT Merchandise Inventory 60,000.00 55,000.00 60,000.00 Estimated Returns Inventory 6,000.00 5,600.00 6,000.00 Supplies 4,700.00 3,300.00 Prepaid Insurance 1,600.00 3,800.00 Customer Refunds Payable 2,200.00 7,200.00 Income Summary 55,000.00 60,000.00 55,000.00 60,000.00 5,600.00 6,000.00 5,600.00 6,000.00 Sales 525,140.00 Sales Returns and Allowances 2,200.00 16,700.00 Beginning inventory Ending inventory $

Determining the Beginning and Ending Inventory from a Partial Spreadsheet: Periodic Inventory System From the following partial spreadsheet, indicate the dollar amount of beginning and ending merchandise inventory to be used to compute cost of goods sold. ADJUSTMENTS ADJUSTED TRIAL BALANCE ACCOUNT TITLE DEBIT CREDIT DEBIT CREDIT Merchandise Inventory 60,000.00 55,000.00 60,000.00 Estimated Returns Inventory 6,000.00 5,600.00 6,000.00 Supplies 4,700.00 3,300.00 Prepaid Insurance 1,600.00 3,800.00 Customer Refunds Payable 2,200.00 7,200.00 Income Summary 55,000.00 60,000.00 55,000.00 60,000.00 5,600.00 6,000.00 5,600.00 6,000.00 Sales 525,140.00 Sales Returns and Allowances 2,200.00 16,700.00 Beginning inventory Ending inventory $

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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