In: Accounting
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.
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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