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VULSTION #2 Manufacturing vs. Merchandising Companies Calculate cost of goods sold for each of these companies for the year e
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Answer #1
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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