Question
Exercise 230 The trial balance of Rachel Company at the end of its fiscal year, August 31, 2017, includes these accounts: Inventory $29,200; Purchases $144,000;
The trial balance of Rachel Company at the end of its fiscal year, August 31, 2017, includes these accounts: Inventory $29,200; Purchases $144,000; Sales Revenue $190,000; Freight-In $8,000; Sales Returns and Allowances $3,000; Freight-Out $1,000; and Purchases Returns and Allowances $5,000. The ending inventory is $25,000.
Prepare a cost of goods sold section for the year ending August 31.
RACHEL COMPANY
Income Statement (Cost of Goods Sold section - Periodic system)
For the Month Ended August 31, 2017
Cost of Goods Available for Sale
Cost of Goods Purchased
Cost of Goods Sold
Dividends
Expenses
Inventory, September 1, 2016
Inventory, August 31, 2017
Net Income / (Loss)
Net Purchases
Retained Earnings, September 1, 2016
Retained Earnings, August 31, 2017
Revenues
Total Expenses
Total Revenues
$
$
Less
Add
:
Cost of Goods Available for Sale
Cost of Goods Purchased
Cost of Goods Sold
Dividends
Expenses
Inventory, September 1, 2016
Inventory, August 31, 2017
Net Income / (Loss)
Net Purchases
Retained Earnings, September 1, 2016
Retained Earnings, August 31, 2017
Revenues
Total Expenses
Total Revenues
Less
Add
:
Cost of Goods Available for Sale
Cost of Goods Purchased
Cost of Goods Sold
Dividends
Expenses
Inventory, September 1, 2016
Inventory, August 31, 2017
Net Income / (Loss)
Net Purchases
Retained Earnings, September 1, 2016
Retained Earnings, August 31, 2017
Revenues
Total Expenses
Total Revenues
Cost of Goods Available for Sale
Cost of Goods Purchased
Cost of Goods Sold
Dividends
Expenses
Inventory, September 1, 2016
Inventory, August 31, 2017
Net Income / (Loss)
Net Purchases
Retained Earnings, September 1, 2016
Retained Earnings, August 31, 2017
Revenues
Total Expenses
Total Revenues
Cost of Goods Available for Sale
Cost of Goods Purchased
Cost of Goods Sold
Dividends
Expenses
Inventory, September 1, 2016
Inventory, August 31, 2017
Net Income / (Loss)
Net Purchases
Retained Earnings, September 1, 2016
Retained Earnings, August 31, 2017
Revenues
Total Expenses
Total Revenues
Cost of Goods Available for Sale
Cost of Goods Purchased
Cost of Goods Sold
Dividends
Expenses
Inventory, September 1, 2016
Inventory, August 31, 2017
Net Income / (Loss)
Net Purchases
Retained Earnings, September 1, 2016
Retained Earnings, August 31, 2017
Revenues
Total Expenses
Total Revenues
$
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Managerial Accounting For Managers
Authors: Eric Noreen
1st Edition
73526975, 978-0073526973
