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FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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9

Transcribed Image Text:The cost accountant for Sunset Fashions has compiled the following Information for last quarter's operations:
Administrative costs
Merchandise inventory, April 1
Merchandise inventory, June 30
Merchandise purchases
Miscellaneous store costs
Sales commissions
Sales revenue
Store lease
Utilities
Transportation-in costs
Wages and benefits
Required:
1. Prepare a cost of goods sold statement.
2. Prepare an Income statement.
Required 1 Required 2
$ 238,000
56,500
47,000
1,805,000
24,000
135,000
3,165,000
Complete this question by entering your answers in the tabs below.
54,500
58,500
Merchandise inventory, April 1
Merchandise purchases
125,000
785,000
Prepare a cost of goods sold statement.
Transportation-in
Total cost of goods purchased
Cost of goods available for sale
Merchandise inventory, June 30
Cost of goods sold
SUNSET FASHIONS
Cost of Goods Sold Statement
For the Quarter Ended June 30
$ 1,805,000
24,000
$
$
$
56,500
1,885,500
1,942,000
47.000
1,895,000
Prev
7 of 10
ANNA WARAK
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