Identify the errors in the following schedule of cost of merchandise sold for the current year ended
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Identify the errors in the following schedule of cost of merchandise sold for the current year ended March 31,2012:
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Cost of merchandise sold: $ 75,000 Merchandise inventory, March 31, 2012 Purchases.. Plus: Purchases returns and allowarnces. Purchases discounts Gross purchases ..... Less freight in ,..... $900,000 S18,000 12,000 30,000 Do0'oEes 920,000 $995,000 80,000 10,000 Cost of merchandise purchased.. Merchandise available for sale. ........................ Less merchandise inventory, April 1, 2011 Cost of merchandise sold... $915,D00
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1 The schedule should begin with the April 1 2011 not the March 31 2012 merchandise inventory 2 Purc...View the full answer
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Related Book For
Financial and Managerial Accounting
ISBN: 978-0538480895
11th Edition
Authors: Jonathan E. Duchac, James M. Reeve, Carl S. Warren
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