EX 5-36 Cost of merchandise sold
Identify the errors in the following schedule of the cost of merchandise sold for the current year ended May 31, 2014:
| Cost of merchandise sold: | ||
| Merchandise inventory, May 31, 2014 | $105,000 | |
| Purchases | ||
| Plus: Purchases returns and allowances | $55,000 | |
| Purchases discounts | 30,000 | 85,000 |
| Gross purchases | $1,195,000 | |
| Less freight in | 22,000 | |
| Cost of merchandise purchased | 1,173,000 | |
| Merchandise available for sale | $1,278,000 | |
| Less merchandise inventory, June 1, 2013 | 91,300 | |
| Cost of merchandise sold | $1,186,700 |
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