1 answer

Cost of goods sold Based on the following data, determine the cost of goods sold for...

Question:

Cost of goods sold Based on the following data, determine the cost of goods sold for November: $14,500 Estimated returns of N
Cost of goods sold Based on the following data, determine the cost of goods sold for November: $14,500 Estimated returns of November sales Inventory, November 1 Inventory, November 30 Purchases Purchases returns and allowances Purchases discounts Freight in 28,000 31,500 475,000 15,000 9,000 7,000

Answers

Answers: $ 454,500

Cost of Goods Sold = Beginning inventory + Purchases - Ending inventory

Net purchases = Purchases - Returns and Allowances - Discount +Freight in

Net purchases =475,000-15000-9000+7000 = $458,000

Cost of Goods sold = 28000+458,000-31,500 = $454,500

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