The trial balance of Sanchez Company at the end of its fiscal year, August 31, 2014, includes these accounts: Beginning Inventory $18,700; Purchases $154,000; Sales Revenue $190,000; Freight-In $8,000; Sales Returns and Allowances $3,000; Freight-Out $1,000; and Purchase Returns and Allowances $5,000. The ending inventory is $21,000. Instructions Prepare a cost of goods sold section (periodic system) for the year
The trial balance of Sanchez Company at the end of its fiscal year, August 31, 2014, includes these accounts: Beginning Inventory $18,700; Purchases $154,000; Sales Revenue $190,000; Freight-In $8,000; Sales Returns and Allowances $3,000; Freight-Out $1,000; and Purchase Returns and Allowances $5,000. The ending inventory is $21,000.
Instructions
Prepare a cost of goods sold section (periodic system) for the year ending August 31, 2014.
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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Answer
Inventory, September 1, 2013 ...................................................... $ 18,700 P…View the full answer
Related Book For 
Accounting Tools for Business Decision Making
5th edition
Authors: Paul D. Kimmel, Jerry J. Weygandt, Donald E. Kieso
ISBN: 978-1118128169