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How do I compute the companys total cost of merchandise purchased for the year?
BizKid Company's adjusted trial balance on August 31, 2011, its fiscal year-end, follows.
Debit Credit Merchandise inventory $ 42,000 Other (noninventory) assets 168,000 Total liabilities $ 48,510 N. Kidman, Capital 137,550 N. Kidman, Withdrawals 8,000 Sales 287,280 Sales discounts 4,395 Sales returns and allowances 18,960 Cost of goods sold 110,754 Sales salaries expense 39,357 Rent expense—Selling space 13,502 Store supplies expense 3,447 Advertising expense 24,419 Office salaries expense 35,910 Rent expense—Office space 3,447 Office supplies expense 1,149 -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- Totals $ 473,340 $ 473,340 -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- On August 31, 2010, merchandise inventory was $33,894. Supplementary records of merchandising activities for the year ended August 31, 2011, reveal the following itemized costs. Invoice cost of merchandise purchases $ 123,480 Purchase discounts received 2,593 Purchase returns and allowances 5,927 Costs of transportation-in 3,900 -------------------------------------------------------------------------------- |
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