use the following information to prepare the cost of goods sold section of the income statement for Beth’s Jewels. d. to determine cost of goods sold.34 Use the following information to prepare the cost of goods sold section of the income statement forBeth's Jewels.$41,00034,000Beginning merchandise inventoryEnding merchandise inventoryPurchases52,0004,700Purchases returns and allowancesPurchases discounts1,300900Freight-inCost of Goods Sold:$41,000Merchandise inventory, January 1PurchasesLess: Purchases returns'and allowancesPurchases discountsNet purchasesAdd freight-inCost of goods purchasedGoods available for saleLess: Merchandise inventory, December 31Cost of goods sold35 Journalize the necessary adjusting entries for the following (partial) trial balance. Based on a physicalcount, the ending merchandise inventory is $67.000. Unearned revenue at year-end wvas $4.230.Account TitleCreditDebit7,500Cash

Cost of goods sold represents the amount incurred in selling the product by the company.

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Business

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se the following information to prepare the cost of goods sold section of the income statement for Beth’s Jewels.

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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Question

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use the following information to prepare the cost of goods sold section of the income statement for Beth’s Jewels.

d. to determine cost of goods sold.
34 Use the following information to prepare the cost of goods sold section of the income statement for
Beth's Jewels.
$41,000
34,000
Beginning merchandise inventory
Ending merchandise inventory
Purchases
52,000
4,700
Purchases returns and allowances
Purchases discounts
1,300
900
Freight-in
Cost of Goods Sold:
$41,000
Merchandise inventory, January 1
Purchases
Less: Purchases returns'and allowances
Purchases discounts
Net purchases
Add freight-in
Cost of goods purchased
Goods available for sale
Less: Merchandise inventory, December 31
Cost of goods sold
35 Journalize the necessary adjusting entries for the following (partial) trial balance. Based on a physical
count, the ending merchandise inventory is $67.000. Unearned revenue at year-end wvas $4.230.
Account Title
Credit
Debit
7,500
Cash

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