9 The cost accountant for Sunset Fashions has compiled the following Information for last quarter's operations:Administrative costsMerchandise inventory, April 1Merchandise inventory, June 30Merchandise purchasesMiscellaneous store costsSales commissionsSales revenueStore leaseUtilitiesTransportation-in costsWages and benefitsRequired:1. Prepare a cost of goods sold statement.2. Prepare an Income statement.Required 1 Required 2$ 238,00056,50047,0001,805,00024,000135,0003,165,000Complete this question by entering your answers in the tabs below.54,50058,500Merchandise inventory, April 1Merchandise purchases125,000785,000Prepare a cost of goods sold statement.Transportation-inTotal cost of goods purchasedCost of goods available for saleMerchandise inventory, June 30Cost of goods soldSUNSET FASHIONSCost of Goods Sold StatementFor the Quarter Ended June 30$ 1,805,00024,000$$$56,5001,885,5001,942,00047.0001,895,000Prev7 of 10ANNA WARAK

INCOME STATEMENTIncome Statement is one of the Important Financial Statements of the Company. Income…

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 Complete this question by entering your answers in the tabs below. Required 2 $ 238,000 56,500 47,000 1,805,000 24,000 135,000 3,165,000 54,500 58,500 125,000 785,000 Prepare a cost of goods sold statement. Merchandise inventory, April 1 Merchandise purchases SUNSET FASHIONS Cost of Goods Sold Statement For the Quarter Ended June 30 Transportation-in Total cost of goods purchased Cost of goods available for sale Merchandise inventory, June 30 Cost of goods sold $ 1,805,000 24,000 $ S 56,500 1,885,500 1,942,000 47,000 1,895,000

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 Complete this question by entering your answers in the tabs below. Required 2 $ 238,000 56,500 47,000 1,805,000 24,000 135,000 3,165,000 54,500 58,500 125,000 785,000 Prepare a cost of goods sold statement. Merchandise inventory, April 1 Merchandise purchases SUNSET FASHIONS Cost of Goods Sold Statement For the Quarter Ended June 30 Transportation-in Total cost of goods purchased Cost of goods available for sale Merchandise inventory, June 30 Cost of goods sold $ 1,805,000 24,000 $ S 56,500 1,885,500 1,942,000 47,000 1,895,000

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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