Homework Answers
| The Ltd | ||
| Cost of Goods Sold Section | ||
| For the year ended December 31, 2020 | ||
| Cost of goods sold: | ||
| Merchandise Inventory, Beginning | $ 3,00,000 | |
| Add: | Merchandise purchased during the year | $ 5,00,000 |
| Cost of goods available for sale | $ 8,00,000 | |
| Deduct: | Merchandise Inventory, Ending | $ -2,00,000 |
| Cost of goods sold | $ 6,00,000 | |
| Boston Manufacturing | ||
| Cost of Goods Sold Section | ||
| For the year ended December 31, 2020 | ||
| Cost of goods sold: | ||
| Finished Goods, Beginning | $ 4,00,000 | |
| Add: | Cost of goods manufactured | $ 7,00,000 |
| Cost of goods available for sale | $11,00,000 | |
| Deduct: | Finished Goods, Ending | $ -3,00,000 |
| Cost of goods sold | $ 8,00,000 | |
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