Exercise 5-17 Below is a series of cost of goods sold sections for companies Alp

Question

Exercise 5-17 Below is a series of cost of goods sold sections for companies Alpha, Beta, Chi, and Decca Fill in the lettered blanks to complete the cost of goods sold sections Beta Ch Decca Beginning inventory Purchases Purchase returns and allowances Net purchases Freight-in Cost of goods purchased Cost of goods available for sale Ending inventory Cost of goods sold $ 131 $ 86 $1,250 1,690 1,540 47,280 370 1,090 6,580 40,420 108 2,390 1,704 8,190 49,960 7,020 42,940 1,888 1,790 345 1,760 1,220 7,680

Explanation / Answer

Purchases-Purchase returns and allowances=Net purchases

Net purchases+Freight in=Cost of goods purchased

Beginning inventory+Cost of goods purchased=Cost of goods available for sale

Cost of goods available for sale-Ending inventory=Cost of goods sold

Alpha Beta Chi Decca Beginning inventory 131 86 1250 7150 Purchases 1690 1540 6950 47280 Purchase return and allowances 41 450 370 6860 Net purchases 1649 1090 6580 40420 Freight in 108 614 1610 2390 Cost of goods purchased 1757 1704 8190 42810 Cost of goods available for sale 1888 1790 9440 49960 Ending inventory 345 570 1760 7020 Cost of goods sold 1543 1220 7680 42940

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