One of Pickens Company's retail outlets was destroyed by fire on March 18. All merchandise was burned.
Question:
____________________________________Actual Cost______ Retail Sales Price
Beginning inventory, January 1...................$ 90,000..................$117,600
Merchandise purchases, January 1-March 18...250,000....................330,500
Freight on purchases....................................9,300..............................
Total sales, January 1-March 18................................................360,000
INSTRUCTIONS
Determine the approximate cost of the inventory destroyed on March 18.
Analyze:
Based on the cost you have computed for merchandise inventory, calculate the cost of goods sold for the period.
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Related Book For
College Accounting Chapters 1-30
ISBN: 978-0077862398
14th edition
Authors: John Price, M. David Haddock, Michael Farina
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