The trial balance of Larkspur, Inc. at the end of its fiscal year, August 31. 2022,...
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The trial balance of Larkspur, Inc. at the end of its fiscal year, August 31. 2022, includes these accounts: Beginning Inventory $22,610: Purchases $197.040; Sales Revenue $180,300: Freight-In $7.830: Sales Returns and Allowances $4,870: Freight-Out $3.160, and Purchase Returns and Allowances $6.210. The ending inventory is $21,700. Prepare a cost of goods sold section (periodic system) for the year ending August 31. 2022. Larkspur, Inc. Income Statement For the Year Ended August 31, 2022 Inventorv. Auueust 31.2022 22.610 Purchases 197.040 Less Purchase Returns and Allowances 6210 Net Purchases 190830 Add Freight-in 7830 Cost of Goods Putrchased 198660 Larkspur, Ine. Income Statement For the Year Ended August 31, 2022 Inventorv. Aueust 31 2022 22.610 Purchases 197.040 Less: Purchase Returns and Allowances 6,210 Net Purchases 190830 Add : Freight-in 7830 Cost of Goods Purchased 198660 Cost of Goods Avalable for Sale 176960 (21,700) Inventorv. Seatember 1.2021 197950 Cost of Goods Sold The trial balance of Larkspur, Inc. at the end of its fiscal year, August 31. 2022, includes these accounts: Beginning Inventory $22,610: Purchases $197.040; Sales Revenue $180,300: Freight-In $7.830: Sales Returns and Allowances $4,870: Freight-Out $3.160, and Purchase Returns and Allowances $6.210. The ending inventory is $21,700. Prepare a cost of goods sold section (periodic system) for the year ending August 31. 2022. Larkspur, Inc. Income Statement For the Year Ended August 31, 2022 Inventorv. Auueust 31.2022 22.610 Purchases 197.040 Less Purchase Returns and Allowances 6210 Net Purchases 190830 Add Freight-in 7830 Cost of Goods Putrchased 198660 Larkspur, Ine. Income Statement For the Year Ended August 31, 2022 Inventorv. Aueust 31 2022 22.610 Purchases 197.040 Less: Purchase Returns and Allowances 6,210 Net Purchases 190830 Add : Freight-in 7830 Cost of Goods Purchased 198660 Cost of Goods Avalable for Sale 176960 (21,700) Inventorv. Seatember 1.2021 197950 Cost of Goods Sold
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Related Book For
Financial and Managerial Accounting
ISBN: 978-1133940593
10th edition
Authors: Belverd E. Needles, Marian Powers, Susan V. Crosson
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