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Prepare the cost of goods sold section of the income statement for each company.

Prepare the cost of goods sold section of the income statement for each company.

FINANCIAL ACCOUNTING
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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Shown here are annual financial data for a merchandising company and a manufacturing company. Music World Wave-Board Retail Manufacturing Beginning inventory Merchandise Finished goods Cost of merchandise purchased Cost of goods manufactured Ending inventory Merchandise Finished goods Merchandising Manufacturing Business Business $ 185,000 240,000 Required: Prepare the cost of goods sold section of the income statement for each company. Cost of goods sold Complete this question by entering your answers in the tabs below. 110,000 Cost of Goods Sold for the Year Goods available for sale Prepare the cost of goods sold section of the income statement for the Merchandising Business. Cost of goods sold $ $ 290,000 574,000 <Merchandising Business 250,000 0 0 Manufacturing Business >
Transcribed Image Text:Shown here are annual financial data for a merchandising company and a manufacturing company. Music World Wave-Board Retail Manufacturing Beginning inventory Merchandise Finished goods Cost of merchandise purchased Cost of goods manufactured Ending inventory Merchandise Finished goods Merchandising Manufacturing Business Business $ 185,000 240,000 Required: Prepare the cost of goods sold section of the income statement for each company. Cost of goods sold Complete this question by entering your answers in the tabs below. 110,000 Cost of Goods Sold for the Year Goods available for sale Prepare the cost of goods sold section of the income statement for the Merchandising Business. Cost of goods sold $ $ 290,000 574,000 <Merchandising Business 250,000 0 0 Manufacturing Business >
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