Homework Answers
| Ans. | CULLUMBER COMPANY | |||
| Income Statement | ||||
| For the Year Ending August 31, 2017 | ||||
| Particulars | Amount | Amount | ||
| Beginning inventory | $18,930 | |||
| Purchases | $230,920 | |||
| Less: Purchase returns and allowances | -$5,030 | |||
| Net purchase | $225,890 | |||
| Add: Freight in | $8,490 | |||
| Cost of goods purchased | $234,380 | |||
| Cost of goods available for sale | $253,310 | |||
| Less: Ending inventory | -$20,700 | |||
| Cost of goods sold | $232,610 | |||
| *Cost of goods available for sale = Beginning inventory + Cost of goods purchased. | ||||
| *Freight in is a direct expense, so it is also included in the calculation of cost of goods sold. | ||||
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Exercise 5-13
The trial balance of Skysong, Inc. at the end of its fiscal
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and Purchase Returns and Allowances $7,010. The ending inventory is
$22,000.
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ending August 31, 2022.
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$7,890; Sales Returns and Allowances $5,370; Freight-Out $3,100;
and Purchase Returns and Allowances $7,010. The ending inventory is
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