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1 2345 5 N&NB5555555NO 10 12 13 14 15 16 19 20 21 22 23 24 25 26 27 Complete the Worksheet, then calculate the Cost of Goods Sold. Show your calculation. The ending Inventory is $54500.00 B Supplies Prepaid Insurance Office Equipment Bank Accounts Receivable Allowance for Doubtful Accounts Merchandise Inventory Accounts Accounts Payable Loan Payable Mortgage Payable Accumulated Amortization Equipment Automobile Accumulated Amortization - Automobile R. Seemungal, Capital R. Seemungal, Drawings Sales Sales Discounts Sales Returns and Allowances Purchases D Acc. No. Seemungal Inc Worksheet For the Year Ending December 31, 2019 100 105 110 115 120 125 140 145 150 155 200 225 230 300 305 F 400 405 410 500 Trial Balance DR 40,395 20,000 58,700 12,600 13,800 25,500 60,000 10,000 1,400 200 23,880 CR 310 12,000 15,000 3,400 16,200 85,000 9,465 1 3 135,200 Adjustments DR CR L M Income Statement DR CR N O Balance Sheet DR 40.395 20,000 54,500 12,600 13,800 25.500 60,000 P 10,000 CR 310 12,000 15,000 3,400 16,200 85,000 9,465 5 00 B Purchase Discounts Purchase Returns and Allowances Freight-in Automobile Expense Freight-out Net Income D 505 510 515 600 620 Cost of Goods Sold is: F 4,100 4,000 3,050 277,625 G 750 300 277,625 I J L M 236,795 P 141,375 236,795 141,375 T U RCDSB Cover INSPIDE. EMPOWER, ACHIEVZ. Course Home Content Discussions Assignments My Tools ✓ My Portfolio Learning Goals Content Mr. Anas EL BAF3M-01 22/23 Sem1 Content 2 & U5FE1 U5A2 - New Accounts and Journalizing - Periodic Activity 3: The Worksheet Periodic Learning Goals Content & U5FE2 πινινινκιν ιιωεινω νι ιινινιστικών πνευμπιy WM William Milks Part II: The Worksheet By now you are familiar with the worksheet. You know how to complete the worksheet with adjustments, and you know how to use the worksheet to prepare financial statements. In this activity, you will explore the how to handle closing inventory and calculate the Cost of Goods Sold section of the Worksheet. This is an animated worksheet showing the Inventory and Cost of Goods Sold entries on a worksheet for a periodic merchandise business. Calculating Cost of Goods Sold To calculate Cost of Goods Sold (COGS) using the following formula: COGS = Beginning Inventory + Purchases - Purchase Discounts - Purchase Returns and Allowances + Freight-In - Ending Inventory Here is a link to a summary note and the video explaining the note is below. : 1 2345 5 N&NB5555555NO 10 12 13 14 15 16 19 20 21 22 23 24 25 26 27 Complete the Worksheet, then calculate the Cost of Goods Sold. Show your calculation. The ending Inventory is $54500.00 B Supplies Prepaid Insurance Office Equipment Bank Accounts Receivable Allowance for Doubtful Accounts Merchandise Inventory Accounts Accounts Payable Loan Payable Mortgage Payable Accumulated Amortization Equipment Automobile Accumulated Amortization - Automobile R. Seemungal, Capital R. Seemungal, Drawings Sales Sales Discounts Sales Returns and Allowances Purchases D Acc. No. Seemungal Inc Worksheet For the Year Ending December 31, 2019 100 105 110 115 120 125 140 145 150 155 200 225 230 300 305 F 400 405 410 500 Trial Balance DR 40,395 20,000 58,700 12,600 13,800 25,500 60,000 10,000 1,400 200 23,880 CR 310 12,000 15,000 3,400 16,200 85,000 9,465 1 3 135,200 Adjustments DR CR L M Income Statement DR CR N O Balance Sheet DR 40.395 20,000 54,500 12,600 13,800 25.500 60,000 P 10,000 CR 310 12,000 15,000 3,400 16,200 85,000 9,465 5 00 B Purchase Discounts Purchase Returns and Allowances Freight-in Automobile Expense Freight-out Net Income D 505 510 515 600 620 Cost of Goods Sold is: F 4,100 4,000 3,050 277,625 G 750 300 277,625 I J L M 236,795 P 141,375 236,795 141,375 T U RCDSB Cover INSPIDE. EMPOWER, ACHIEVZ. Course Home Content Discussions Assignments My Tools ✓ My Portfolio Learning Goals Content Mr. Anas EL BAF3M-01 22/23 Sem1 Content 2 & U5FE1 U5A2 - New Accounts and Journalizing - Periodic Activity 3: The Worksheet Periodic Learning Goals Content & U5FE2 πινινινκιν ιιωεινω νι ιινινιστικών πνευμπιy WM William Milks Part II: The Worksheet By now you are familiar with the worksheet. You know how to complete the worksheet with adjustments, and you know how to use the worksheet to prepare financial statements. In this activity, you will explore the how to handle closing inventory and calculate the Cost of Goods Sold section of the Worksheet. This is an animated worksheet showing the Inventory and Cost of Goods Sold entries on a worksheet for a periodic merchandise business. Calculating Cost of Goods Sold To calculate Cost of Goods Sold (COGS) using the following formula: COGS = Beginning Inventory + Purchases - Purchase Discounts - Purchase Returns and Allowances + Freight-In - Ending Inventory Here is a link to a summary note and the video explaining the note is below. :

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To calculate the Cost of Goods Sold COGS we will use the given formula COGS Beginning Inventory Purc... View the full answer