identify the errors in the following schedule of cost of merchandise sold for the cu 551446
EX 6-36 Cost of merchandise sold
Identify the errors in the following schedule of cost of merchandise sold for the current year ended March 31, 2012:
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identify the errors in the following schedule of cost of merchandise sold for the cu 551446
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Cost of merchandise sold: |
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Merchandise inventory, March 31, 2012 |
$ 75,000 |
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Purchases |
$900,000 |
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Plus: Purchases returns and allowances |
$18,000 |
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Purchases discounts |
12,000 |
30,000 |
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Gross purchases |
$930,000 |
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Less freight in |
10,000 |
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Cost of merchandise purchased |
920,000 |
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Merchandise available for sale |
$995,000 |
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Less merchandise inventory, April 1, 2011 |
80,000 |
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Cost of merchandise sold |
$915,000 |
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