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Exercise 1-11 Cost of goods sold computation LO P1 Unimart Precision Manufacturing Beginning inventory Merchandise $...

Exercise 1-11 Cost of goods sold computation LO P1

Unimart Precision
Manufacturing
Beginning inventory
Merchandise $ 282,000
Finished goods $ 564,000
Cost of purchases 530,000
Cost of goods manufactured 830,000
Ending inventory
Merchandise 182,000
Finished goods 176,000


Compute cost of goods sold for each of these two companies for the year ended December 31, 2017.

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

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
Business   Accounting   
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Answer #1

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:

Beginning merchandise Inventory

$282,000

Add: Cost of purchases

$530,000

Goods available for sale (A)

$812,000

Less: Ending merchandise Inventory (B)

($182,000)

Cost of Goods sold: (C=A-B)

$630,000

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:

Beginning merchandise Inventory

$564,000

Add: Cost of purchases

$830,000

Goods available for sale (A)

$1,394,000

Less: Ending merchandise Inventory (B)

($176,000)

Cost of Goods sold: (C=A-B)

$1,570,000
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