ydkelly
Sep 26, 2013, 03:09 PM
The accounts below need to be sorted into t-accounts both merchandise inventory and cost of goods sold. If anyone could help me figure this out that would be amazing! Thanks,ydkelly
Cost of merchandise sold to customers in sales transactions $ 196,000
Merchandise inventory, December 31, 2012 25,000
Invoice cost of merchandise purchases 192,500
Shrinkage determined on December 31, 2013 800
Cost of transportation-in 2,900
Cost of merchandise returned by customers and restored to inventory 2,100
Purchase discounts received 1,700
Purchase returns and allowances 4,000
Cost of merchandise sold to customers in sales transactions $ 196,000
Merchandise inventory, December 31, 2012 25,000
Invoice cost of merchandise purchases 192,500
Shrinkage determined on December 31, 2013 800
Cost of transportation-in 2,900
Cost of merchandise returned by customers and restored to inventory 2,100
Purchase discounts received 1,700
Purchase returns and allowances 4,000