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Requirements 1. Compute (a) the cost of goods purchased and (b) the cost of goods sold. 2. Prepare the income statement for 2017. Requirement 1. Compute (a) the cost of goods purchased and (b) the cost of g Data Table (a) Calculate the cost of goods purchased by completing the schedule. (If a box Marvin Department Store Marketing, distribution, and customer-service costs 39,000 Schedule of Cost of Goods Purchased Merchandise inventory, January 1, 2017 23,000 For the Year Ended December 31, 2017 (in thousands) Utilities 14,000 General and administrative costs 46,000 Add: Merchandise inventory, December 31, 2017 37,000 Purchases 150,000 Deduct: Miscellaneous costs 2,000 Transportation-in 7,000 Purchase returns and allowances 5,000 Cost of goods purchased Purchase discounts 8,000 Revenues 290,000 Print Done

Requirements 1. Compute (a) the cost of goods purchased and (b) the cost of goods sold. 2. Prepare the income statement for 2017. Requirement 1. Compute (a) the cost of goods purchased and (b) the cost of g Data Table (a) Calculate the cost of goods purchased by completing the schedule. (If a box Marvin Department Store Marketing, distribution, and customer-service costs 39,000 Schedule of Cost of Goods Purchased Merchandise inventory, January 1, 2017 23,000 For the Year Ended December 31, 2017 (in thousands) Utilities 14,000 General and administrative costs 46,000 Add: Merchandise inventory, December 31, 2017 37,000 Purchases 150,000 Deduct: Miscellaneous costs 2,000 Transportation-in 7,000 Purchase returns and allowances 5,000 Cost of goods purchased Purchase discounts 8,000 Revenues 290,000 Print Done

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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Requirements 1. Compute (a) the cost of goods purchased and (b) the cost of goods sold. 2. Prepare the income statement for 2017. Requirement 1. Compute (a) the cost of goods purchased and (b) the cost of g Data Table (a) Calculate the cost of goods purchased by completing the schedule. (If a box Marvin Department Store Marketing, distribution, and customer-service costs 39,000 Schedule of Cost of Goods Purchased Merchandise inventory, January 1, 2017 23,000 For the Year Ended December 31, 2017 (in thousands) Utilities 14,000 General and administrative costs 46,000 Add: Merchandise inventory, December 31, 2017 37,000 Purchases 150,000 Deduct: Miscellaneous costs 2,000 Transportation-in 7,000 Purchase returns and allowances 5,000 Cost of goods purchased Purchase discounts 8,000 Revenues 290,000 Print Done
Transcribed Image Text:Requirements 1. Compute (a) the cost of goods purchased and (b) the cost of goods sold. 2. Prepare the income statement for 2017. Requirement 1. Compute (a) the cost of goods purchased and (b) the cost of g Data Table (a) Calculate the cost of goods purchased by completing the schedule. (If a box Marvin Department Store Marketing, distribution, and customer-service costs 39,000 Schedule of Cost of Goods Purchased Merchandise inventory, January 1, 2017 23,000 For the Year Ended December 31, 2017 (in thousands) Utilities 14,000 General and administrative costs 46,000 Add: Merchandise inventory, December 31, 2017 37,000 Purchases 150,000 Deduct: Miscellaneous costs 2,000 Transportation-in 7,000 Purchase returns and allowances 5,000 Cost of goods purchased Purchase discounts 8,000 Revenues 290,000 Print Done
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