Accounting for Merchandising Operations

The trial balance of A. Wiencek Company at the end of its fiscal year, August 31, 2019, includes these accounts: Inventory $19,500; Purchases $149,000; Sales Revenue $190,000; Freight-in $5,000; Sales Returns and Allowances $3,000; Freight-Out $1,000; and Purchase Returns and Allowances $2,000. Then ending inventory is $23,000.

Instructions

Prepare a cost of goods sold section for the year ending August 31 (periodic inventory).

Solution

A. Wiencek Company
Journal Entries
(Perpetual Inventory System)
 
Are you need any help? Contact Us now.

Latest Articles

« »