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.

еВook Show Me How Print Item Calculation of Cost of Goods Sold: Periodic Inventory System Instructions Amount Descriptions Income Statement Instructions The following amounts are known: Beginning merchandise inventory $29,000 Ending merchandise inventory 26,000 Purchases 62,000 Purchases returns and allowances 2,800 Purchases discounts 3,300 Freight-in 100 Required: Prepare the cost of goods sold section for Havens Gift Shop.

Journalize the following transactions for the buyer, Jones Company, using the net method to account for purchase discounts. Assume a perpetual inventory system. October 3 Purchased goods from Grieg Company on account, $8,000, terms 5/10, n/30. October 9 Returned defective merchandise to Grieg Company that was previously purchased on account, $960. October 14 Paid the amount due to Grieg Company. Date Account Title Debit Credit X

Using the following information, what is the amount of merchandise available for sale? Purchases Merchandise inventory September 1 Sales returns and allowances Purchases returns and allowances Purchases discounts Merchandise inventory September 30 Sales $32,000 5,700 $960 6,370 910 63,000 1,200 Freight In 1,040 35,540 36,580 37,700 O 34,500

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…

Cost of Merchandise Sold Based on the following data, determine the cost of merchandise sold for November: Merchandise inventory, November 1 Merchandise inventory, November 30 Purchases Purchases returns and allowances Purchases discounts Freight in $16,700 32,100 334,200 11,400 6,700 4,700

Calculate the cost of goods sold for a merchandiser using the periodic inventory system from the following details. Purchases Beginning Merchandise Inventory Purchase Returns and Allowances Purchase Discounts Freight In Ending $510,000 175,000 50,000 12,000 18,000 160,000 Merchandise Inventory $510,000 $481,000 $499,000 $801.000 D

Sales Transactions Journalize the following merchandise transactions: a. Sold merchandise on account, $14,850 with terms 2/10, n/30. The cost of the merchandise sold was $8,910. Sale Cost b. Received payment less the discount. C. Issued a credit memo for returned merchandise that was sold for $10,700 terms n/30. The cost of the merchandise returned was $6,420. Refund Inventory

Current Attempt in Progress Assume that Pharoah Company uses a periodic inventory system and has these account balances: Purchases $392,700, Purchase Returns and Allowances $12,300, Purchase Discounts $8,800, and Freight-In $15,300. Determine net purchases and cost of goods purchased. Net purchases Cost of goods purchased $ $ I

Journalize the following inventory merchandise transactions for both Sampson and Batson, assuming that the both Sampson and Batson uses the perpetual inventory system. Refer to the Chart of Accounts for exact wording of account titles. Dec. 1 Sampson Co. sold merchandise to Batson Co. on account, $34,200, terms 2/15, net 45. The cost of the merchandise sold is $25,650.   6 Batson Co. paid the invoice within the discount period.