Question
In: Accounting
Determine the cost of merchandise sold for november
Based on the following data,Determine the cost of merchandise sold for november
| Particulars | Amount$ |
| Increased in estimated returns inventory | 14,500 |
| Merchandise inventory,november 1 | 28,000 |
| Merchandise inventory, november 30 | 31,500 |
| Purchases | 4,75,000 |
| Purchases returns and allowances | 15,000 |
| Purchases discounts | 9,000 |
| Freight in | 7,000 |
Solutions
Expert Solution
The cost of goods sold reflects the expenses incurred for the inventory that the company sold over a given time period.
Calculation of cost of merchandise sold
For the month of november
| Particulars | Amount$ | Amount$ |
| Merchandise inventory,november 1 | 28,000 | |
| Cost of merchandise purchased | ||
| Purchases | 4,75,000 | |
| Less : Purchase returns & allowances | 15,000 | |
| Less : Purchase discounts | 9,000 | |
| Net Purchases | 4,51,000 | |
| Add : Freight in | 7,000 | |
| Total cost of merchandise purchased | 4,58,000 | |
| Cost of merchandise available for sale | 4,86,000 | |
| Less : Merchandise inventory, november 30 | 31,500 | |
| Cost of merchandise sold before estimated returns | 4,54,500 | |
| Less : Increase in estimated return inventory | 14,500 | |
| Cost of merchandise sold | 4,40,000 |
Therefore , cost of goods sold ins $4,40,000
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