Prepare a schedule showing the Cost of Good Sold for the company @ 12/31/09. Assume that the company uses a periodic inventory method, and a physical inventory count reveals an ending inventory of $ 22,500 @ 12/31/09.
La Fiesta Company shows the following accounts balances from their trial balance @12/31/09:
Inventory, January 1, 2009 – $ 43,000
Selling expenses – $ 50,000
Purchases – $ 100,000
Sales – $ 250,000
Purchases Returns – $ 3,500
Interests Expenses – $ 4,000
Sales Discount taken – $ 2,000
Freight-in on purchases – $ 5,000
Requirements:
Prepare a schedule showing the Cost of Good Sold for the company @ 12/31/09. Assume
that the company uses a periodic inventory method, and a physical inventory count
reveals an ending inventory of $ 22,500 @ 12/31/09.
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