The following balances are from the December 31, 2015 unadjusted trial balance of Carlton Company: Inventory...
The following balances are from the December 31, 2015 unadjusted
trial balance of Carlton
Company:
Inventory (1/1) $64,000
Sales 2,200,000
Sales returns and allowance 150,000
Purchases 1,450,000
Purchase returns and allowances 20,000
Purchase discounts 25,000
Freight-in 40,000
A physical inventory on December 31, found inventory equal to
$230,000 on-hand. Carlton uses
the periodic inventory method. What is cost of goods sold for
2015?
Homework Answers
Answer
| Inventory - Beginning | $64,000 | |
| Purchases | $1,450,000 | |
| Purchase return & aalowances | ($20,000) | |
| Purchase discounts | ($25,000) | |
| Freight In | $40,000 | $1,445,000 |
| Cost of Goods available for sale | $1,509,000 | |
| Less: | ||
| Ending Inventory | $230,000 | |
| Cost of Goods Sold [ANSWER] | $1,279,000 Answer |
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The following balances are from the December 31, 2015 unadjusted
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