Question

Shown here are annual financial data taken from two different companies.    Music World Retail Wave-Board...

Shown here are annual financial data taken from two different companies.
  

Music World
Retail		 Wave-Board
Manufacturing
Beginning inventory
Merchandise $ 135,000
Finished goods $ 320,000
Cost of purchases 320,000
Cost of goods manufactured 579,000
Ending inventory
Merchandise 80,000
Finished goods 150,000

   
Required:
1. Prepare the cost of goods sold section of the income statement for the year for each company in Merchandising Business and Manufacturing Business.
  

Business   Accounting   
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Answer #1
Music World Retail
Cost of goods sold for the year
Beginning Inventory      135,000.00
Add: Merchandise inventory purchased      320,000.00
Goods available for sale      455,000.00
Less: Ending inventory          80,000.00
Cost of goods sold      375,000.00
WAVE-BOARD MFG
Cost of goods sold for the year
Beginning Finished Goods Inventory       320,000.00
Add: Cost of goods manufactured       579,000.00
Goods available for sale      899,000.00
Less :Ending Finished goods Inventory         150,000.00
Cost of goods sold      749,000.00
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