Shown here are annual financial data at December 31, 2013, taken from two differ

Question

Shown here are annual financial data at December 31, 2013, taken from two different companies Sports World Sno-Board Retail Manufacturing Beginning inventory Merchandise Finished goods Cost of purchases $ 200,000 $500,000 300,000 Cost of goods manufactured Ending inventory 875,000 175,000 Merchandise Finished goods 225,000 Required Prepare the cost of goods sold of the income statement at December 31, 2013, for each company Merchandising Business SPORTS WORLD RETAIL Partial Income Statement For Year Ended December 31, 2013 Cost of goods sold Goods available for sale Cost of goods sold

Explanation / Answer

Answer: Merchandise Business:

Manufacturing Business:

Sports World Retail Partial Income Statement For the year Ended December 31,2013 Particulars Amount ($) Cost of Goods Sold: Opening Inventory-Merchandise 200000 Add: Cost of purchases 300000 Goods Available for sale 500000 Less: Ending inventory-Merchandise 175000 Cost of goods sold 325000

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