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  • Identify The Errors in The Following Schedule of The Cost: Unlock Answers Here Solutiondone - Online

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    The document identifies errors in a schedule of cost of merchandise sold for the year ended May 31, 2018. There are errors in the freight in amount, which is shown as a negative $22,000 instead of a positive amount. Additionally, the beginning inventory date of June 1, 2017 is incorrect and should be May 31, 2017 to match the year end date. The document requests identification of these and any other errors in the schedule.

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    The document identifies errors in a schedule of cost of merchandise sold for the year ended May 31, 2018. There are errors in the freight in amount, which is shown as a negative $22,000 instead of a positive amount. Additionally, the beginning inventory date of June 1, 2017 is incorrect and should be May 31, 2017 to match the year end date. The document requests identification of these and any other errors in the schedule.

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    © All Rights Reserved
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    5 views1 page

    Identify The Errors in The Following Schedule of The Cost: Unlock Answers Here Solutiondone - Online

    Uploaded by

    trilocksp Singh
    The document identifies errors in a schedule of cost of merchandise sold for the year ended May 31, 2018. There are errors in the freight in amount, which is shown as a negative $22,000 instead of a positive amount. Additionally, the beginning inventory date of June 1, 2017 is incorrect and should be May 31, 2017 to match the year end date. The document requests identification of these and any other errors in the schedule.

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    © All Rights Reserved
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    Identify the errors in the following schedule of the cost

    Identify the errors in the following schedule of the cost

    Identify the errors in the following schedule of the cost of merchandise sold for the year
    ended May 31, 2018:
    Cost of merchandise sold:
    Merchandise inventory, May 31, 2018 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 105,000
    Cost of merchandise purchased:
    Purchases . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $1,110,000...........
    Purchases returns and allowances . . . . . . . . . . . . . . . . . . . . . . . . . . 55,000...........
    Purchases discounts . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 30,000...........
    Freight in . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ?(22,000) ...........
    Total cost of merchandise purchased . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,173,000
    Inventory available for sale . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $1,278,000
    Merchandise inventory, June 1, 2017 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 91,300
    Cost of merchandise sold before estimated returns . . . . . . . . . . . . . . . . . .$1,186,700
    Increase in estimated returns inventory . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 43,300
    Cost of merchandise sold . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $1,230,000

    Identify the errors in the following schedule of the cost


    SOLUTION-- http://solutiondone.online/downloads/identify-the-errors-in-the-following-schedule-
    of-the-cost/

    Unlock answers here solutiondone.online

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