Cost of Merchandise Sold Based on the following data, determine the cost of merchandise sold for...

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Cost of Merchandise Sold Based on the following data, determine the cost of merchandise sold for...

Cost of Merchandise Sold

Based on the following data, determine the cost of merchandise sold for November:

Increase in estimated returns inventory	$14,500
Merchandise inventory, November 1	28,000
Merchandise inventory, November 30	31,500
Purchases	475,000
Purchases returns and allowances	15,000
Purchases discounts	9,000
Freight in	7,000

$

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Answer 1

Answer #1

Cost of Merchandise sold for the month of November

Particulars	Amount ($)	Amount ($)
Merchandise inventory on November 1		28000
Purchases	475000
Less Purchases Returns & Allowances 15000
Purchase Discount 9000	24000
Net Purchases	451000
Plus Freight in	7000
Cost of Merchandise purchased		458000
Merchandise available for sale		486000
Less merchandise Inventory on November 30		31500
Cost of Merchandise Sold		454500

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Answer 2

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