Question

class practice 4 (chapter 5) The income statement of Jeter Company includes the items listed below:...

class practice 4 (chapter 5)

The income statement of Jeter Company includes the items listed below:

Sales $890,000

Gross profit 396,000

I have the answers just need the work to understand

Beginning inventory 35,000

Sales discounts 16,000

Purchase discounts 7,000

Sales returns and allowances 11,000

Purchase returns and allowances 9,000

Freight-in 13,000

Operating expenses 120,000

Purchases 480,000

Instructions

Using the information above, compute the following:

(a) Cost of goods sold. 467,000

(b) Cost of goods available for sale. 512,000

(c) Ending inventory. 45,000

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Homework Answers

Answer #1
Beginning inventory 35000
Purchase 480000
Less: Purchase discount -7000
Less: Purchase return and allowance -9000
Net purchase 464000
Add: Freight in 13000
Cost of purchase 477000
Cost of goods available for sale 512000
Cost of goods sold (890000-11000-16000-396000) -467000
Ending inventory 45000

So answer is :

(a) Cost of goods sold. 467,000

(b) Cost of goods available for sale. 512,000

(c) Ending inventory. 45,000

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