The trial balance of G. Durler Company at the end of its fiscal year, August 31,
ID: 2346068 • Letter: T
Question
The trial balance of G. Durler Company at the end of its fiscal year, August 31, 2012, includes these accounts: Merchandise Inventory $17,200; Purchases $149,000; Sales $190,000; Freight-in $4,000; Sales Returns and Allowances $3,000; Freight-out $1,000; and Purchase Returns and Allowances $2,000. The ending merchandise inventory is $25,000.Instructions
Prepare a cost of goods sold section for the year ending August 31 (periodic inventory).
what goes here
Inventory, September 1, 2011
what goes here what goes here
less: Purchase returns and allowances what goes here
Net purchases what goes here
ADD: _what goes here what goes here
WHAT GOES HERE what goes here
WHAT GOES HERE what goes here
Inventory, August 31, 2912 what goes here
what goes here what goes here
Explanation / Answer
suppose that Cost of goods sold Beginning Merchandise Inventory $17,200 Purchases $149,000 less Purchases Returns and Allowances $2,000 Net purchases $147,000 Freight-in $4,000 less ending merchandise inventory is $25,000 COGS = $143,200
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