ZuoTi.Pro
Question

Question 2 --/1 View Policies Current Attempt in Progress The trial balance of Swifty Corporation at...

Question 2

--/1

View Policies

Current Attempt in Progress

The trial balance of Swifty Corporation at the end of its fiscal year, August 31, 2022, includes these accounts: Beginning Inventory $18,650; Purchases $227,110; Sales Revenue $208,200; Freight-In $9,560; Sales Returns and Allowances $3,440; Freight-Out $1,810; and Purchase Returns and Allowances $8,000. The ending inventory is $23,400.

Prepare a cost of goods sold section (periodic system) for the year ending August 31, 2022.

business   accounting   
0 0
Add a comment Improve this question Transcribed image text
Next > < Previous
Sort answers by oldest

Homework Answers

Answer #1

ANSWER:

Beginning inventory $18650
Purchases $227110
Less: Purchase return & allowances ($8000)
Net purchases $219110
Add: Freight in $9560
Total cost of purchase $228670
Cost of goods available for sale $247320
Less: Ending inventory ($23400)
Cost of goods sold $223920
2 0
Add a comment
Know the answer?
Add Answer to:
Question 2 --/1 View Policies Current Attempt in Progress The trial balance of Swifty Corporation at...
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Log In

Sign Up

Not the answer you're looking for? Ask your own homework help question. Our experts will answer your question WITHIN MINUTES for Free.
Similar Homework Help Questions

  • The trial balance of Monty Corp. at the end of its fiscal year, August 31, 2022,...

    The trial balance of Monty Corp. at the end of its fiscal year, August 31, 2022, includes these accounts: Beginning Inventory $23,090; Purchases $220,970; Sales Revenue $189,200; Freight-In $9,140; Sales Returns and Allowances $4,630; Freight-Out $1,230; and Purchase Returns and Allowances $7,820. The ending inventory is $21,600. Prepare a cost of goods sold section (periodic system) for the year ending August 31, 2022. Monty Corp. Income Statement 5

  • The trial balance of Skysong, Inc. at the end of its fiscal year, August 31, 2022,...

    The trial balance of Skysong, Inc. at the end of its fiscal year, August 31, 2022, includes these accounts: Beginning Inventory $23,300; Purchases $186,330; Sales Revenue $192,400; Freight-in $7,990; Sales Returns and Allowances $5,370; Freight-Out $3,100; and Purchase Returns and Allowances $7,010. The ending inventory is $22,000. Prepare a cost of goods sold section (periodic system) for the year ending August 31, 2022. Skysong, Inc. Income Statement August 31, 2022 Inventory, September 1, 2021 VI Less Net Purchases Cost of...

  • Question 9 The trial balance of Cullumber Company at the end of its fiscal year, August...

    Question 9 The trial balance of Cullumber Company at the end of its fiscal year, August 31, 2017, includes these accounts: Beginning Inventory $18,930; Purchases $230,920; Sales Revenue $205,600; Freight-In $8,490; Sales Returns and Allowances $4,650; Freight-Out $2,100; and Purchase Returns and Allowances $5,030. The ending inventory is $20,700. Prepare a cost of goods sold section (periodic system) for the year ending August 31, 2017. CULLUMBER COMPANY Income Statement We were unable to transcribe this image

  • The adjusted trial balance of Swifty Corporation shows these data pertaining to sales at the end...

    The adjusted trial balance of Swifty Corporation shows these data pertaining to sales at the end of its fiscal year, October 31, 2022: Sales Revenue $904,300; Freight-Out $14,500; Sales Returns and Allowances $21,800; and Sales Discounts $14,200. Prepare the sales section of the income statement. Swifty Corporation Income Statement (Partial)

  • help!!! Question 2 --/3 View Policies Current Attempt in Progress At the beginning of the current...

    help!!! Question 2 --/3 View Policies Current Attempt in Progress At the beginning of the current season on April 1, the ledger of Blossom Pro Shop showed Cash $3,110; Inventory $4,110; and Common Stock $7.220. The following transactions occurred during April 2022. bs, and balls on account from Arnie Co. $1,830, terms 4/10, 1/60 purchases $98. nie Co. for merchandise returned $530. ount to members $1,635, terms n/30. Teaters, and other accessories on account from Woods Sportswear $1,013, terms 1/10,n/30....

  • Exercise 5-12 The trial balance of Ivanhoe Company at the end of its fiscal year, August...

    Exercise 5-12 The trial balance of Ivanhoe Company at the end of its fiscal year, August 31, 2017, includes these accounts: Beginning Inventory $24,450; Purchases $194,940; Sales Revenue $195,900; Freight-In $9,740; Sales Returns and Allowances $4,620; Freight-Out $1,690; and Purchase Returns and Allowances $5,810. The ending inventory is $20,500. Prepare a cost of goods sold section (periodic system) for the year ending August 31, 2017. IVANHOE COMPANY Income Statement Click if you would like to Show Work for this question:...

  • --/3 Question 2 View Policies Current Attempt in Progress At the beginning of the current season...

    --/3 Question 2 View Policies Current Attempt in Progress At the beginning of the current season on April 1, the ledger of Blossom Pro Shop showed Cash $3,055; Inventory $4,055; and Common Stock $7,110. The following transactions occurred during April 2022. Apr. 5 Purchased golf bags, clubs, and balls on account from Arnie Co. $1,665, terms 3/10, 1/60. 7 Paid freight on Arnie Co, purchases $89. 9 Received credit from Arnie Co. for merchandise returned $365. 10 Sold merchandise on...

  • Question 6 View Policies Current Attempt in Progress The inventory of Sandhill Co. was destroyed by...

    Question 6 View Policies Current Attempt in Progress The inventory of Sandhill Co. was destroyed by fire on June 1. From an examination of the accounting records, the following data for the first five months of the year were obtained: Sales 594,000; Sales Returns and Allowances $1,500: Sales Discounts $1.000: Freight Out $2.500, Parches 552.000 52.00 Returns and Allowances $2,700; and Purchase Discounts $1,300. Determine the inventory lost by fire, assuming a beginning inventory of $25,400 and a gross profit...

  • Question 7 View Policies Current Attempt in Progress The following information is available for Swifty Corporation...

    Question 7 View Policies Current Attempt in Progress The following information is available for Swifty Corporation Allowance for doubtful accounts at December 31, 2019 $23000 Credit sales during 2020 1110000 Accounts receivable deemed worthless and written off during 2020 28900 As a result of a review and aging of accounts receivable in early January 2021. It has been determined that an allowance for doubtful accounts of $16700 is needed at December 31, 2020. What amount should Swifty record as "bad...

  • View Policies Current Attempt in Progress The adjusted trial balance of Marigold Corp. at December 31,...

    View Policies Current Attempt in Progress The adjusted trial balance of Marigold Corp. at December 31, 2022, includes the following accounts: Retained Earnings $17,0 Dividends $5,500, Service Revenue $36,300. Salaries and Wages Expense $14,700, Insurance Expense $1,830, Rent Expense $3,810, Supplies Expense $1,410, and Depreciation Expense $800. Prepare an income statement for the year. MARIGOLD CORP Income Statement For the Year Ended December 31, 2022 Retained Earnings, January 1 Retained Earnings, January 1 Retained Earnings Dividends Service Revenue MARIGOLD CORP....

ADVERTISEMENT
Free Homework Help App
Download From Google Play
Scan Your Homework
to Get Instant Free Answers
Need Online Homework Help?
Ask a Question
Get Answers For Free
Most questions answered within 3 hours.
ADVERTISEMENT
ADVERTISEMENT
ADVERTISEMENT