Question

X Company is a merchandiser. It incurred the following costs in 2019: Advertising costs $11,200 Employee...

X Company is a merchandiser. It incurred the following costs in 2019:

Advertising costs $11,200
Employee salaries 16,938
Utility costs 20,283
Supply costs 14,920
Warehouse costs 27,906
Merchandise purchases 82,642
Insurance costs 23,673
Equipment rental 12,482
Miscellaneous operating costs 19,871

The Merchandise Inventory account had a January 1 balance of $48,762 and a December 31 balance of $13,906. What was Cost of Goods Sold in 2019?

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Homework Answers

Answer #1

1. Cost of Goods Sold -

Computation of Cost of Goods sold = Opening Merchandise Inventory + Purchase Merchandise Inventory - Closing Merchandise Inventory.

In the given question computation of cost of goods sold =\

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