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Secondary 2013 @ che/mod qempt php31061ma-1518 pages 332554-11 Question 13 Morld Plagestion At the end of fiscal year on Dec
Secondary 2013 @ che/mod qempt php31061ma-1518 pages 332554-11 Question 13 Morld Plagestion At the end of fiscal year on Dec. 31, 2019, these accounts appeared in its adjusted trial balance. Freight-In 8,000 Inventory 42,000 Purchases 580,000 Purchase Discounts 5,000 Purchase Returns and Allowances Sales Revenue 1,000,000 Sales Returns and Allowances 30,000 Additional facts: Ending Merchandise inventory on November 30, 2014, is 60,000, 3,000 Required: Prepare an income statement through gross profit for the year ended Dec 31, 2019 Α- ΒΙΒΕΡΟ BEATS ENGADAA 9
Expert Solution
Solution:
| Particulars | Amount | Amount | Amount |
| Sales | 1000000 | ||
| Less: Sales Returns and Allowances | 30000 | ||
| Net Sales | 970000 | ||
| Less: Cost of Goods Sold | |||
| Opening Inventory | 60000 | ||
| Purchases | 580000 | ||
| Less: Purchase Discount | 5000 | ||
| Less: Purchase Returns and Allowances | 3000 | ||
| Net Purchases | 572000 | ||
| Add: Freight In | 8000 | ||
| Goods Available for Sale | 640000 | ||
| Less: Closing Inventory | 42000 | ||
| Cost of Goods Sold | 598000 | ||
| Gross Profit | 372000 |
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