BENJI'S GROCERY

Schedule of Cost of Goods Sold

BENJI'S GROCERY Trial Balance As of January 1, Year 2 Requirement a: BENJI'S GROCERY Schedule of Cost of Goods Sold Account Title Cash Accounts Receivable Merchandise Inventory Accounts Payable Common Stock Retained Earnings Additional information for Year 2: s s s Debit 64,000 12,000 90,000 7 ,500 89,000 69,500 30,000 230,000 2,100 8,600 186,000 236,000 28,500 156,000 56,000 17,100 48,300 Beginning Inventory, 1/1/Year 2 Purchases Purchase Discounts Purchase Returns and Allowances Transportation-ln Cost of Goods Available for Sale Ending Merchandise Inventory 90,00ff 230,000 I. 2. 3. 4. 5. 6. 7. 8. 9. 10. 11. 12. Cash paid for land purchase Merchandise purchased on account Terms: 1/10 n/45 Freight paid in cash Merchandise returned Merchandise sold for cash Merchandise sold on account Terms: 2/10 n/30 Paid cash on accounts payable with discount (event 2) Selling expenses A/R collected within discount period A/R collected after discount period Paid other operating expenses Ending inventory on-hand per physical count Cost of Goods Sold Revenue Sales Revenue Sales Discounts Net Sales Cost of Goods Sold Gross Margin BENJI'S GROCERY Income Statement For the Year Ended December 31, Year 2 Operating Expenses Selling Expenses Other Operating Expense Total Operating Expense Net Income