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

Question

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

Fill in the blanks to complete the cost of goods soldsections.

A

F

L

V

A

F

L

V

Beginning inventory $250 $120 $1,000 (j)$ Purchases 1,500 1,080 (g) 43,590 Purchase returns and allowances 60 (d) 290 (k) Net purchases (a) 1,040 7,410 42,290 Freight-in 130 (e) (h) 2,240 Cost of goods purchased (b) 1,230 8,050 (l) Cost of goods available for sale 1,820 1,350 (i) 49,530 Ending inventory 310 (f) 1,450 6,230 Cost of goods sold (c) 1,230 7,600 43,300

Explanation / Answer

A

F

L

V

A

F

L

V

Beginning inventory $250 $120 $1,000 (j)$5,000 (=49,530-44,530) Purchases 1,500 1,080 (g)7,700 (=290 +7,410) 43,590 Purchase returns andallowances 60 (d)40(=1,080-1,040) 290 (k) 1,300 (=43,590-42,290) Net purchases (a)1,440(=1,500-60) 1,040 7,410 42,290 Freight-in 130 (e) 190 (=1,230-1,040) (h) 640 (=8,050-7,410) 2,240 Cost of goods purchased (b)1,570 (=1,440+130) 1,230 8,050 (l) 44,530 (=42,290+2,240) Cost of goods available forsale 1,820 1,350 (i)9,050(=8,050+1,000) 49,530 Ending inventory 310 (f)120 (=1,350-1,230) 1,450 6,230 Cost of goods sold (c) 1,510(=1,820-310) 1,230 7,600 43,300

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