Question

Exercise 14-11 Cost of goods sold computation LO P1 Precision Manufacturing Unimart $156,000 $312,000 530,000 Beginning inventory Merchandise Finished goods Cost of purchases Cost of goods manufactured Ending inventory Merchandise Finished goods 920,000 56,000 50,000 Compute cost of goods sold for each of these two companies for the year. Complete this question by entering your answers in the tabs below. Merch Business Mfg Business Compute cost of goods sold for the company year in Merchandising Business. UNIMART Computation of Cost of Goods Sold Cost of goods sold: Goods available for sale Cost of goods sold Merch Business Mfg Business >

Answer 1

UNIMART Partial Income Statement Cost of Goods Sold: Beginning Merchandise inventory ADD: Merchandise Purchases Goods Available for Sale Less: Endind Merchnadise Inventory, Cost of Goods Sold 156000 5300001 686000 56000 630000 PRECISION MANUFACTURING Partial Income Statement Cost of Goods Sold: Beginning Finished Goods Inventory ADD: Cost of Goods Manufactured Goods Available for Sale Less: Ending Finished Goods Inventory Cost of Goods Sold 312000 9200001 1232000 50000 1182000