Below is a series of cost of goods sold sections for companies A, F, L, and v. F

Question

Below is a series of cost of goods sold sections for companies A, F, L, and v.



Fill in the blanks to complete the cost of goods sold sections.



A

F

L

V



Beginning inventory $250 $120 $1,000 (j)$ 5000

Purchases 1,500 1,080 (g) 43,590

Purchase returns and allowances 60 (d) 40 290 (k) 1300

Net purchases (a) 1440 1,040 7,410 42,290

Freight-in 130 (e) 190 (h) 640 2,240

Cost of goods purchased (b) 1570 1,230 8,050 (l) 44530

Cost of goods available for sale 1,820 1,350 (i) 9050 49,530

Ending inventory 310 (f) 120 1,450 6,230

Cost of goods sold (c) 1510 1,230 7,600 43,300

Explanation / Answer

X F L S Beginning inventory     250 120 1000 5200 Purchases         1500 1080 6500 43590 Purchase returns and allowances 40 50 290 1500 net purchases             1460 1030 7210 42090 Freight in                 130 200 840 2240 Cost of goods purchased       1840 1230 8050 49530 Cost of goods avail. for sale 1840 1350 8050 49530 ending inventory                  310 120 1450 6230 Cost of goods sold            1530 1230 7600 43300

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