Question

In: Accounting

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.

Solutions

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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