Identify the errors in the following schedule of the cost of merchandise sold for the current year ended May 31,2014 Cost of merchandise sold Merchandise inventory, May 31, 2014 105,000 $1,110,000 Purchases discounts 30,000 85,000 $1,195,000 22,000 Less freight in 1,173,000 $1,278,000 91,300 1,186,...

1 The schedule should begin with the June 1 2013 not the May 31 2014 merchandise inventory 2 Purchas ...

Identify the errors in the following schedule of the cost of merchandise sold for the current year

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Identify the errors in the following schedule of the cost of merchandise sold for the current year ended May 31,2014:

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Corporate Financial Accounting

ISBN: 978-1133952411

12th edition

Authors: Carl S. Warren, James M. Reeve, Jonathan E. Duchac

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Question Posted: Feb 28, 2014 08:05 AM

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Identify the errors in the following schedule of the cost of merchandise sold for the current year

Question:

Cost of merchandise sold: Merchandise inventory, May 31, 2014.. .. 105,000 $1,110,000 Purchases discounts 30,000 85,000 $1,195,000 22,000 Less freight in 1,173,000 $1,278,000 91,300 1,186,700 Cost of merchandise sold. . . .

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Corporate Financial Accounting

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