Cost of goods soldmerchandiser The following data were taken from the general ledger of Thorn- ton Merchandisers
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Question:
Cost of goods sold—merchandiser
The following data were taken from the general ledger of Thorn-
ton Merchandisers on January 31, the end of the first month of
operations in the current fiscal year:
Merchandise inventory, January 1 .................................. $ 22,000
Purchases . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 183,000
Merchandise inventory, January 31 . ................................ 17,000
Compute the cost of goods sold for the month of January.
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