Question

Note: Problems 1-4 relate to the trial balance below. Marcell Sports Inc. Acct 311 - Quiz 3 of 6 - Trial Balance Credit Debit 140,000 475,000 $ 28,225 50,000 17,000 365,000 1,385,000 265,000 1,500,000 550,000 1,325,000 Cash Accounts Receivable Allowance for Doubtful Accounts Notes Receivable Supplies Inventory, 1/1/17 Equipment Accumulated Deperciation - Equipment Building Accumulated Deperciation - Building Land Accounts Payable Salaries and Wages Payable Notes Payable Mortgage Payable Common Stock, Par Value $0.05 APIC Retained Earnings Dividends Sales Revenue Sales Discounts Sales Returns and Allowances Purchases Purchase Discounts Freight In Selling Expenses Administrative Expenses Rent Revenue Income Tax Expense Gain on Sale of Land 365,000 65,000 1,250,000 1,325,000 125,000 475,000 424,000 230,000 3,565,000 155,000 175,000 1,750,225 60,000 65,000 355,000 455,000 55,000 285,000 $ 175,000 8,727,225 8,727,225 $ Physical Inventory 31-Dec $ 559,100

Calculate Cost of Good Solds in Steps

Answer 1

Cost of goods sold :- Particulars Purchases Less: Purchase returns Net Purchases Add: Freight in Cost of goods manufactured Add: Finished goods inventory, beginning Cost of goods available for sale Less: Finished goods inventory, ending Cost of goods sold Amounts 1,750,225 (60,000) 1,690,225 65,000 1,755,225 365,000 2,120,225 559,100 1,561,125