Problem #6Preparing the Cost of Goods Sold Section of the Income StatementMerchandise Inventory, 6/30/2010Merchandise Inventory, 7/1/2009P 310,000260,000Purchases830,000Purchases Returns and Allowances8,300Purchases Discounts16,60012,450Transportation InRequired:Prepare the cost of goods sold section of the income statement of Lezel AzucenaCompany for the year ended June 30, 2010.

Cost of Goods Sold = Beginning Inventory + Net Purchases + Freight In - Ending Inventory

Problem #6 Preparing the Cost of Goods Sold Section of the Income Statement Merchandise Inventory, 6/30/2010 Merchandise Inventory, 7/1/2009 P 310,000 260,000 Purchases 830,000 8,300 16,600 Purchases Returns and Allowances Purchases Discounts Transportation In 12,450 Required: Prepare the cost of goods sold section of the income statement of Lezel Azucena Company for the year ended June 30, 2010.

Problem #6 Preparing the Cost of Goods Sold Section of the Income Statement Merchandise Inventory, 6/30/2010 Merchandise Inventory, 7/1/2009 P 310,000 260,000 Purchases 830,000 8,300 16,600 Purchases Returns and Allowances Purchases Discounts Transportation In 12,450 Required: Prepare the cost of goods sold section of the income statement of Lezel Azucena Company for the year ended June 30, 2010.

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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Chapter 13-14-15 Homework еBook Show Me How Print Item Cost of Goods Sold Section, Multiple-Step Income Statement Instructions Amount Descriptions and Accounts Income Statement Instructions Based on the information that follows: Merchandise Inventory, January 1, 20-- $14,000 Estimated Returns Inventory, January 1, 20-- 700 Purchases 71,400 Purchases Returns and Allowances 3,189 Purchases Discounts 1,460 Freight-in Merchandise Inventory, December 31, 20- 390 21,000 Estimated Returns Inventory, December 31, 20-- 1,300 Required: Prepare the cost of goods sold section of a multiple-step income statement.
Find the cost of goods sold if sales total $78,526 for the inventory table shown below. Cost per Total Retail price Total retail Units purchased unit per unit $985 43 $850 22 $2,115 Date of purchase Beginning inventory February 5 February 19 March 3 Goods available for sale Units sold Ending inventory 18 30 113 83 30 cost $36,550 $1,760 $38,720 $975 $17,550 $2,006 $490 $14,700 $610 $107,520 (Round to the nearest cent as needed.) value $42,355 $46,530 $36,108 $18,300 $143,293
es W Required information [The following information applies to the questions displayed below.] (a Warnerwoods Company uses a perpetual inventory system. It entered into the following purchases and sales transactions for March. Date March 1 March 5 March 9 March 18 here to search 2 March 25 March 29 Sales Less: Cost of goods sold Gross profit Gross Margin 13 # Activities Beginning inventory Purchase Sales Purchase Purchase Sales Totals 4. Compute gross profit earned by the company for each of the four costing methods. For specific identification, units sold include 140 units from beginning inventory, 270 units from the March 5 purchase, 120 units from the March 18 purchase, and 160 units, from the March 25 purchase. Note: Round weighted average cost per unit to two decimals and final answers to nearest whole dollar. 3 Ri $ FIFO $ 64,210 $ IDI 4 LIFO 99+ 15 % Units Acquired at Cost 250 units. @ $54.00 per unit 300 units @ $59.00 per unit 160 units 300 units 5 1,010 units 64,210 $ @…
Use the following inventory table to find the cost of goods sold using the first-in, first-out (FIFO) inventory method. Date of purchase Units purchased Cost per unit Retail price per unit Beginning inventory 42 $860 $965 February 5 25 $1,770 $2,115 February 9 19 $945 $1,208 March 3 27 $490 $600 Units sold 81 Question content area bottom Part 1 The cost of goods sold is $enter your response here. (Type an integer or a decimal.)
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