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    This document provides accounting schedules for cost of goods purchased and cost of goods sold for a company for the year ended December 31, 2004. It shows that the company had net purchases of $145,000 after deducting purchase discounts and returns/allowances from total purchases of $155,000, and incurred $7,000 in transportation costs, resulting in total cost of goods purchased of $138,000. It also shows that cost of goods sold was $131,000, calculated as the beginning inventory plus cost of goods purchased minus ending inventory.

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    This document provides accounting schedules for cost of goods purchased and cost of goods sold for a company for the year ended December 31, 2004. It shows that the company had net purchases of $145,000 after deducting purchase discounts and returns/allowances from total purchases of $155,000, and incurred $7,000 in transportation costs, resulting in total cost of goods purchased of $138,000. It also shows that cost of goods sold was $131,000, calculated as the beginning inventory plus cost of goods purchased minus ending inventory.

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    © All Rights Reserved
    Download as XLS, PDF, TXT or read online from Scribd
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    21 views1 page

    Ap02 27

    Uploaded by

    MahmoudElbehairy
    This document provides accounting schedules for cost of goods purchased and cost of goods sold for a company for the year ended December 31, 2004. It shows that the company had net purchases of $145,000 after deducting purchase discounts and returns/allowances from total purchases of $155,000, and incurred $7,000 in transportation costs, resulting in total cost of goods purchased of $138,000. It also shows that cost of goods sold was $131,000, calculated as the beginning inventory plus cost of goods purchased minus ending inventory.

    Copyright:

    © All Rights Reserved
    Download as XLS, PDF, TXT or read online from Scribd
    Flag for inappropriate content
    Download as xls, pdf, or txt
    of 1

    HORNGREN/DATAR/FOSTER, COST ACCOUNTING 11E

    Problem 2-27 Name Answer Key


    Section

    A B C D E F G H
    5 Part 1. Schedule of Cost of Goods Purchased
    6 For the Year Ended December 31, 2004
    7
    8 Purchases $ 155,000
    9 Less:
    10 Purchase discounts (6,000)
    11 Purchase returns and allowances (4,000)
    12 Net purchases 145,000
    13 Transportation in 7,000
    14 Cost of goods purchased $ 138,000
    15
    16 Part 2. Schedule of Cost of Goods Sold
    17 For the Year Ended December 31, 2004
    18
    19
    20 Merchandise inventory, January 1 $ 27,000
    21 Cost of goods purchased 138,000
    22 Cost of goods available for sale 165,000
    23 Merchandise inventory, December 31 34,000
    24 Cost of goods sold $ 131,000
    25
    26
    27
    28
    End of Problem

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