Please need help: XYZ com, being a start-up, had a zero beginning inventory. They spent K425,...
- Please need help:
- XYZ com, being a start-up, had a zero beginning inventory. They spent K425, 000 on inventory items, receiving K12, 000 for prompt payment and paying K10, 000 for the freight. Their closing inventory is K84, 000. Determine the Costs of Goods Sold and the closing entries for a period inventory.
Homework Answers
Cost of goods sold = Opening inventory + Purchases - Closing inventory
= 0 + (425,000 - 12,000 + 10,000) - 84,000
= K339,000
Closing Entry :-
| Account Title and Explanation | Debit | Credit |
| Ending inventory | K84,000 | |
| Cost of goods sold | K339,000 | |
| Beginning inventory | 0 | |
| Purchases | K423,000 |
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