1 answer

Homework Saved Precision Manufacturing Unimart $208,000 $416,000 420,000 Beginning inventory Merchandise Finished goods Cost of purchases...

Question:

Homework Saved Precision Manufacturing Unimart $208,000 $416,000 420,000 Beginning inventory Merchandise Finished goods Cost
Precision Manufacturing Unimart $208,000 $416,000 Beginning inventory Merchandise Finished goods Cost of purchases Cost of go
Homework Saved Precision Manufacturing Unimart $208,000 $416,000 420,000 Beginning inventory Merchandise Finished goods Cost of purchases Cost of goods manufactured Ending inventory Merchandise Finished goods 810,000 108,000 102,000 Compute cost of goods sold for each of these two companies for the year ended December 31, 2017 Complete this question by entering your answers in the tabs below. Merch Business Mfg Business Compute cost of goods sold for the company year ended December 31, 2017 in Merchandising Business. UNIMART Partial Income Statement For Year Ended December 31, 2017 Cost of goods sold: Goods available for sale Cost of goods sold Meet Mfg Business >
Precision Manufacturing Unimart $208,000 $416,000 Beginning inventory Merchandise Finished goods Cost of purchases Cost of goods manufactured Ending inventory Merchandise Finished goods 420,000 810,000 108,000 102,000 Compute cost of goods sold for each of these two companies for the year ended December 31, 2017, Complete this question by entering your answers in the tabs below. Merch Business Mfg Business Compute cost of goods sold for the company year ended December 31, 2017 in Manufacturing Business, PRECISION MANUFACTURING Partial Income Statement For Year Ended December 31, 2017 Cost of goods sold: Goods available for sale Cost of goods sold $ 0 < Merch Business

Answers

The basic formula for calculating cost of goods sold in the case of a merchant business is:
Opening stock + Net Purchases - Closing Stock.

Net Purchases = Purchases - Purchase Returns. (There is not purchase return given in question so it is ignored)

Also, goods available for sale = Opening stock + Net Purchases.

In case of manufacturing business,

Cost of goods sold = Opening stock + Cost of goods manufactured - Closing Stock

Beginning Inventory (+) Cost of purchases Goods available for sale (-) Ending Inventory Unimart 208000 Beginning Inventory 42

.

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