Unimart Precision Manufacturing Beginning inventory Merchandise $ 265,000 Finished goods $ 530,000 Cost of purchases 570,000...

	Unimart			Precision Manufacturing
Beginning inventory
Merchandise		$	265,000
Finished goods					$	530,000
Cost of purchases			570,000
Cost of goods manufactured						760,000
Ending inventory
Merchandise			165,000
Finished goods						159,000

Compute cost of goods sold for each of these two companies for the year.

Expert Solution

Answer -

Compute cost of goods sold for the company year ended in Merchandising Business.
Unimart
Partial Income Statement
For Year Ended December 31, 2017
Cost of Goods sold:
Beginning merchandise Inventory	$265,000
Add: Cost of purchases	$570,000
Goods available for sale (A)	$835,000
Less: Ending merchandise Inventory (B)	($165,000)
Cost of Goods sold: (C=A-B)	$670,000


Compute cost of goods sold for the company year in Manufacturing Business.
PRECISION MANUFACTURING
Partial Income Statement
For Year Ended December 31, 2017
Cost of Goods sold:
Beginning merchandise Inventory	$530,000
Add: Cost of purchases	$760,000
Goods available for sale (A)	$1,290,000
Less: Ending merchandise Inventory (B)	($159,000)
Cost of Goods sold: (C=A-B)	$1,131,000

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