Prepare the cost of sales section and supply the missing amounts in each of the following:...

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Prepare the cost of sales section and supply the missing amounts in each of the following: A B D 2,480 14,000 6,200 35,000 77,500 ? 5,000 12,000 19,000 Purchase Returns & Allowances Sales Returns & Allowances Goods Available for Sale Freight In Freight Out Merchandise Inventory, Beg. Merchandise Inventory, End Purchases Sales Discount Purchase Discount Cost of Goods Sold ? 4,500 69,000 2,000 3,000 35,000 19,000 47,500 3,200 2,750 ? ? ? C 1,750 2,250 90,000 ? 5,000 17,500 ? 72,000 5,500 0 4,600 2,175 54,000 43,000 1,250 3,800 13,000 18,500 85,000 1,950 ? 60,000 E 2,200 5,500 85,500 1,110 1,500 ? ? 73,000 2,000 1,500 68,000 Prepare the cost of sales section and supply the missing amounts in each of the following: A B D 2,480 14,000 6,200 35,000 77,500 ? 5,000 12,000 19,000 Purchase Returns & Allowances Sales Returns & Allowances Goods Available for Sale Freight In Freight Out Merchandise Inventory, Beg. Merchandise Inventory, End Purchases Sales Discount Purchase Discount Cost of Goods Sold ? 4,500 69,000 2,000 3,000 35,000 19,000 47,500 3,200 2,750 ? ? ? C 1,750 2,250 90,000 ? 5,000 17,500 ? 72,000 5,500 0 4,600 2,175 54,000 43,000 1,250 3,800 13,000 18,500 85,000 1,950 ? 60,000 E 2,200 5,500 85,500 1,110 1,500 ? ? 73,000 2,000 1,500 68,000

Answer rating: 100% (QA)

SOLUTION To calculate the missing amounts we need to use the formula for Cost of Goods Sold COGS COGS Opening Inventory Purchases Freight In Purchase Returns Allowances Purchase Discount Closing Inven... View the full answer