Question
The following information is available for Tenor Music Store for the fiscal year ending December: Finish Inventory 100,100 dollars Shipping cost 8.900 Purchase discounts 15.000
The following information is available for Tenor Music Store for the fiscal year ending December:
Finish Inventory | 100,100 dollars |
Shipping cost | 8.900 |
Purchase discounts | 15.000 |
Initial inventory | 79.000 |
Product Cost | 450.000 |
Purchase returns and allowances | 6.200 |
sales revenue | 800.000 |
sales discount | 12.500 |
Necessary:
A) Prepare the cost of goods sold statement for Tenor Music Store.
B) Calculate the gross margin for the fiscal year ended December 31.
Step by Step Solution
There are 3 Steps involved in it
Step: 1
A To prepare the cost of goods sold statement for Tenor Music Store we need to calculate the followi...
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Step: 2
Step: 3
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Intermediate Accounting
Authors: Donald E. Kieso, Jerry J. Weygandt, Terry D. Warfield.
9th Canadian Edition, Volume 2
470964731, 978-0470964736, 978-0470161012
