1. Business
  2. Accounting
  3. 1 compute the cost of goods sold for a retailer...

Question: 1 compute the cost of goods sold for a retailer...

Question details

1.) Compute the cost of goods sold for a retailer (does not have Raw Materials or Work in Process, only Finished Goods):

Ending Inventory

$5,500

Website Maintenance

$7,300

Sales Revenues

$63,000

Freight-In

$3,300

Import Duties

$700

Marketing Expenses

$12,000

Freight-Out

$1,600

Purchases

$45,000

Export Duties

$500

Beginning Inventory

$3,600

2.) Several items are missing for two different companies for the month of October.

veral items are missing below for two different companies for the month of October. Athens Co. $ 178,000 177,000 180,000 342,000 Madrid Co. 344,000 280,280 Actual manufacturing overhead Raw materials, Oct. 1 Raw materials, Oct. 31 Materials purchased DM used in production Direct labor Manufacturing overhead incurred Total manufacturing costs incurred Work-in-process, Oct. 1 Work-in-process, Oct. 31 Cost of goods manufactured Finished goods, Oct. 1 Finished goods, Oct. 31 Sales Cost of goods sold Gross profit Operating expenses Net income 712,800 752,400 1,058,400 327,600 180,000 1,035,000 442,500 540,000 453,600 1,024,500 204,000 475,200 496,800 4,140,000 1,675,500 1,051,500 540,000 384,000 REQUIRED: Determine the amount of the missing items by completing (in good form*)t inventory flow template and income statement. NOTE: the Madrid Company is completed in class; the Athens Co. is a homework assignı due at the beginning of class on Wednesday, February 6. * In good form means proper headings (esp. the income statement), legible, and accour names are written out. Also, clearly mark answers for missing items.

Required: Determine the amount of the missing items by completing (in good form*) the inventory flow "template" and income statement.

In good form means proper headings (especially the income statement), legible, and accounts names are written out. Also, clearly mark answers for missing items. Please provide explanations, thank you for your help.

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