Shown here are annual financial data for a merchandising company and a manufacturing company. Beginning inventory Merchandise Finished goods Cost of merchandise purchased Cost of goods manufactured Ending inventory Merchandise Finished goods Required: Music World Retail Wave-Board Manufacturing $ 205,000 $ 390,000 320,000 591,000 60,000 270,000 Prepare the cost of goods sold section of the income statement for each company. Complete this question by entering your answers in the tabs below. Merchandising Manufacturing Business Business Prepare the cost of goods sold section of the income statement for the Merchandising Business. Cost of goods sold Cost of Goods Sold for the Year Goods available for sale Cost of goods sold Merchandising Business Manufacturing Business >

Shown here are annual financial data for a merchandising company and a manufacturing company. Beginning inventory Merchandise Finished goods Cost of merchandise purchased Cost of goods manufactured Ending inventory Merchandise Finished goods Required: Music World Retail Wave-Board Manufacturing $ 205,000 $ 390,000 320,000 591,000 60,000 270,000 Prepare the cost of goods sold section of the income statement for each company. Complete this question by entering your answers in the tabs below. Merchandising Manufacturing Business Business Prepare the cost of goods sold section of the income statement for the Merchandising Business. Cost of goods sold Cost of Goods Sold for the Year Goods available for sale Cost of goods sold Merchandising Business Manufacturing Business >

Financial Accounting

15th Edition

ISBN:9781337272124

Author:Carl Warren, James M. Reeve, Jonathan Duchac

Publisher:Carl Warren, James M. Reeve, Jonathan Duchac

Chapter7: Inventories

Section: Chapter Questions

Problem 7CP

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Question

Vishnu

Shown here are annual financial data for a merchandising company and a manufacturing company.
Beginning inventory
Merchandise
Finished goods
Cost of merchandise purchased
Cost of goods manufactured
Ending inventory
Merchandise
Finished goods
Required:
Music World
Retail
Wave-Board
Manufacturing
$ 205,000
$ 390,000
320,000
591,000
60,000
270,000
Prepare the cost of goods sold section of the income statement for each company.
Complete this question by entering your answers in the tabs below.
Merchandising Manufacturing
Business
Business
Prepare the cost of goods sold section of the income statement for the Merchandising Business.
Cost of goods sold
Cost of Goods Sold for the Year
Goods available for sale
Cost of goods sold
Merchandising Business
Manufacturing Business >

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