The trial balance of Biju Medical Supplies at the end of its fiscal year, August 31, 2020,
Question:
The trial balance of Biju Medical Supplies at the end of its fiscal year, August 31, 2020, includes these accounts (amounts in thousands): Inventory Rp17,200; Purchases Rp149,000; Sales Revenue Rp190,000; Freight-In Rp5,000; Sales Returns and Allowances Rp3,000; Freight-Out Rp1,000; and Purchase Returns and Allowances Rp6,200. The ending inventory is Rp16,000.
Instructions
Prepare a cost of goods sold section for the year ending August 31 (periodic inventory).
The ending inventory is the amount of inventory that a business is required to present on its balance sheet. It can be calculated using the ending inventory formula Ending Inventory Formula =...
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Related Book For
Accounting Principles
ISBN: 978-1119419617
IFRS global edition
Authors: Paul D Kimmel, Donald E Kieso Jerry J Weygandt
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