The trial balance of Francine Pty Ltd at the end of its financial year, 30 June 2016,

Question:

The trial balance of Francine Pty Ltd at the end of its financial year, 30 June 2016, includes these accounts: Beginning Inventory $56 760; Purchases $469 920; Sales $627 000; Sales Returns and Allowances $9900; Freight-out $3300; Purchase Returns and Allowances $6600. The ending inventory is $85 800. 


Required

Prepare the cost of sales section of the statement of profit or loss for the year ending 30 June 2016. 

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Financial Accounting Reporting Analysis And Decision Making

ISBN: 9780730313748

5th Edition

Authors: Shirley Carlon, Rosina Mladenovic Mcalpine, Chrisann Palm, Lorena Mitrione, Ngaire Kirk, Lily Wong

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