Question

The following data are for Carolina Retail Outlet Stores. The account balances (in thousands) are for 2013.
Marketing and advertising costs............ $ 14,000
Merchandise inventory, January 1, 2013....... 33,750
Shipping of merchandise to customers ....... 1,500
Building depreciation .............. 3,150
Purchases .................. 195,000
General and administrative costs .......... 24,000
Merchandise inventory, December 31, 2013.... 39,000
Merchandise freight- in ............. 7,500
Purchase returns and allowances .......... 8,250
Purchase discounts ............... 6,750
Revenues ................... 240,000

Required
1. Compute
(a) The cost of goods purchased and
(b) The cost of goods sold.
2. Prepare the income statement for 2013.




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  • CreatedJanuary 15, 2015
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