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:
| Cost of merchandise sold: | |||
| Merchandise inventory, March 31, 2012 | $ 75,000 | ||
| Purchases | $900,000 | ||
| Plus: Purchases returns and allowances | $18,000 | ||
| Purchases discounts | 12,000 | 30,000 | |
| Gross purchases | $930,000 | ||
| Less freight in | 10,000 | ||
| Cost of merchandise purchased | 920,000 | ||
| Merchandise available for sale | $995,000 | ||
| Less merchandise inventory, April 1, 2011 | 80,000 | ||
| Cost of merchandise sold | $915,000 |
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