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 ManufacturingBusiness BusinessPrepare the cost of goods sold section of the income statement for the Merchandising Business.Cost of Goods Sold for the YearCost of goods soldGoods available for saleCost of goods sold Shown here are annual financial data for a merchandising company and a manufacturing company.Music WorldRetailWave-BoardManufacturingBeginning inventoryMerchandiseFinished goodsCost of merchandise purchasedCost of goods manufacturedEnding inventoryMerchandiseFinished goods$ 200,000300,000175,000$ 500,000875,000225,000Required:Prepare the cost of goods sold section of the income statement for each company.

Goods available for sale = Cost of purchases + Beginning inventory

Shown here are annual financial data for a merchandising company and a manufacturing company. Music World Retail Wave-Board Manufacturing Beginning inventory Merchandise Finished goods Cost of merchandise purchased Cost of goods manufactured Ending inventory Merchandise Finished goods $ 200,000 300,000 175,000 $ 500,000 875,000 225,000 Required: Prepare the cost of goods sold section of the income statement for each company.

Shown here are annual financial data for a merchandising company and a manufacturing company. Music World Retail Wave-Board Manufacturing Beginning inventory Merchandise Finished goods Cost of merchandise purchased Cost of goods manufactured Ending inventory Merchandise Finished goods $ 200,000 300,000 175,000 $ 500,000 875,000 225,000 Required: Prepare the cost of goods sold section of the income statement for each company.

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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