Question

x myCayate Ch5 required HW X Canten-Psvc 100 (Fall 2019 x + learnwileyplus.om/oourses/3041 4/assignments/3041 507 Tme remeace orYotyorpaareemaroSTceryea g ,2022 oes reseocooTcsDegr vercory z 70,Turcrses pzz077oae vemoe 07 TemC 37 Jocs eLoms a Allowances $4,630: Freight -Out $1.230; and Purchase Returns and Allowances $7,820. The ending inventory is $21,600 Assignments WP Prepare a cost of goods sold section (periodic system) for the year ending August 31, 2022. Monty Corp Income Statement Account August 31, 2022 Dashboard 20090 Inventory, September 1, 2021 $ Courses $ Purchases 220970 Caled -7820 Less Purchese Returns and Allowances 220970 Net Purchases Inbox Freight-in Add 9140 Get HELP- SOS Cost of Goods Purchased Cost of Goods Available for Sale Inventory,August 31 2022 $ Cost of Goods Sold eTexthook and Media List of Accounts Attempts: 1 of 3 used Save for Later Submit Answer Send to Graebook Frev Next 25 PM OIvpe here to search 11/6/2014

Answer 1

Solution:

E F ak 23090 16 Monty Corp. Income statement Cost of goods sold: Inventory, August 1, 2021 Purchases Less: Purchases returns and allowances Net Purchases Add: Freight In Total cost of goods purchased Cost of goods available for sale Inventory, August 30, 2021 Cost of goods sold 220970 7820 213150 9140 18 21 222290 245380 -21600 223780 24 26 31 33 34 35 36 37 38 40 41 44 et149 ) Sheet146 ) Sheet148 ) Sheet150 Sheet262