Prepare a Cost of Goods Sold Schedule (for periodic method) Serenity Villa opened SV Merchandising Store. The following transactions occurred during themonth of July 2018:1-Jul Villa invested P128,000 in the business.2 Acquired Computer Set for P21,000. Villa paid 5,000 and issued a promissory note forthe remaining balance.2 Acquired supplies for cash, P1,200.3 Purchase P81,900 of merchandise from LOWKEY company on account.Terms: FOB Destination, 2/10, n/30.5 Sold merchandise to THORE for P48,600 on account.Terms: FOB Destination, 2/10, n/30.The cost of merchandise sold was P28,880.Paid P550 freight on the same day.7 Received collections from customers billed on sales of P48,600 on July 5.9 Returned merchandise purchased from LOWKEY Company, P380.11 Paid the amount due from July 3 transaction.13 Purcha se merchandise P12,300 and additional supplies P450 for cash.15 Paid 15th month salary, P8,000.16 Received refund for poor quality of merchandise from a supplier on cash purchasemade on July 13, P870.18 Sold merchandise to various customers, P24,300.The cost of merchandise is P16,500.19 Purchase 15,800 of merchandise from Eleonor Shop.FOB Shipping point, terms, 2/10, n/30.23 Receive sales returns, P3,800 from various customers. It's cost is P2,900.24 Borrowed money from Town Bank, signed promissory note for P13,500.24 Paid freight on July 21 purchase, P580.26 Sold merchandise on account for P36,800 terms, 2/10, n/30 FOB Destination. Themerchandise sold had a cost of P21,300.28 Serenity Villa withdrew cash from the business, P9,000.30 Paid Eleonor Shop in full.31 Paid Salary to employees, P8,000.31 Paid News Hub for 1-month advertisement of the store, P1,580.31 Paid Rent and Utilities expenses for the month, P2,800 and P700 respectively. Trial BalanceAccount TitleDebitCreditCash45120Capital|Computer SetNote PayableSupplies12800021000160001650Purchases110000Accounts Receivable57300Sales109700Freight outPurchase ReturnsPurchase DiscountSalaries ExpensesSales ReturnsBank Note PayableFreight inDrawingsRent ExpenseUtilities ExpensesAdvertising ExpensesTotal5501250163016000380013500580900028007001580270080270080

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Description: Prepare a Cost of Goods Sold Schedule (for periodic method) Serenity Villa opened SV Merchandising Store. The following transactions occurred during themonth of July 2018:1-Jul Villa invested P128,000 in the business.2 Acquired Computer Set for P21,0

Cost of goods sold consists of all costs incurred on goods which are sold by company. It includes…

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Business

Accounting

Prepare a Cost of Goods Sold Schedule (for periodic method)

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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Similar questions

Define the term inventory costs.
Calculate the value of ending inventory and cost of goods sold
Describe the calculation of the cost of goods sold when using the periodic inventory system.
Record the end of period adjustment to determine the amount of cost of goods sold, including any "book-to-physical" adjustment that might be needed.
Define Cost of goods sold at normal and Cost of goods sold at actual.
What financial statement is merchandise inventory reported on, and in what section?
A company indicates the condition of goods obtained onwhich of the following documents?a. Purchase requisitionb. Purchase orderc. Receiving reportd. Supplier invoice
Identify four inventory costing methods for assigning cost to ending inventory and cost of goods sold and briefly explain the difference in the methods.
How do you find an inventory report for manufacturers?