Instructions Amount Descriptions and Accounts Income Statement nstructions 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.

Instructions Amount Descriptions and Accounts Income Statement nstructions 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.

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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Cost of Goods Sold Section, Multiple-Step Income Statement Based on the information that follows, prepare the cost of goods sold section of a multiple-step income statement. Merchandise Inventory, January 1, 20-- $31,000 Estimated Returns Inventory, January 1, 20-- 2,000 Purchases 102,000 Purchases Returns and Allowances 4,200 Purchases Discounts 2,040 Freight-In 800 Merchandise Inventory, December 31, 20-- 25,500 Estimated Returns Inventory, December 31, 20-- 1,500
Given the information above, determine the amount of freight-in.
Using the accounts and amounts below, calculate Cost of Goods Sold: Account Amount Beginning Inventory $18,341 Net Sales 117,527 Cost of Goods Purchased 51,982 Cost of Goods Sold 48,012 Ending Inventory 12,052
please answer in text form and in proper format answer with must explanation , calculation for each part and steps clearly
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Sales-Related and Purchase-Related Transactions for Seller and Buyer Using Perpetual Inventory System The following selected transactions were completed during April between Swan Company and Bird Company: Apr.2. Swan Company sold merchandise on account to Bird Company, $18,400, terms FOB shipping point, 2/10, n/30. Swan Company paid freight of $305, which was added to the invoice. The cost of the merchandise sold was $11,600. 8. Swan Company sold merchandise on account to Bird Company, $29,000, terms FOB destination, 1/15, n/30. The cost of the merchandise sold was $17,400. 8. Swan Company paid freight of $760 for delivery of merchandise sold to Bird Company on April 8. 12. Bird Company paid Swan Company for purchase of April 2. 18. Swan Company paid Bird Company a refund of $2,000 for defective merchandise in the April 2 purchase. Bird Company agreed to keep the merchandise. 23. Bird Company paid Swan Company for purchase of April 8. 24. Swan Company sold merchandise on…
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