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KengaRu [80]
3 years ago
11

The trial balance of Mendez Company at the end of its fiscal year, August 31, 2022, includes these accounts: Beginning Inventory

$18,700; Purchases $154,000; Sales Revenue $190,000; Freight-In $8,000; Sales Returns and Allowances $3,000; Freight-Out $1,000; and Purchase Returns and Allowances $5,000. The ending inventory is $21,000.
Business
1 answer:
Tomtit [17]3 years ago
6 0

Answer:

Gross Profit: 186,000 - 154,700 = 31,300

COGS: 154,700

Net Sales: 186,000

Explanation:

Beginning Inventory                         18,700

Purchases                                       154,000

Freight-In                                            8,000

Purchase Returns and Allowances (5,000)

Ending inventory                         <u>    (21,000)  </u>

COGS                                               154,700

Sales Revenue                            190,000

Sales Returns and Allowances     (3,000)

Freight-Out                                 <u>    (1,000)  </u>

Net Sales:                                    186,000

Gross Profit: 186,000 - 154,700 = 31,300

Notes: the freight-in are cost required to get the inventory ready for sale so arec capitalized through inventory

the freight-out is part of the effort to sale, thus decrease the sales figure.

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