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Business, 21.02.2020 22:22 katiebaby4109
Marketing and advertising costs
$54,000
Merchandise inventory, January 1, 2017
92,000
Shipping of merchandise to customers
2,000
Depreciation on Store Fixtures
9,000
Purchases
523,000
General and administrative costs
70,000
Merchandise inventory, December 31, 2017
109,000
Merchandise freight-in
22,000
Purchase returns and allowances
20,000
Purchase discounts
20,000
Revenues
630,000
The following data are for
MeedMeed
Retail Outlet Stores. The account balances (in thousands) are for
20172017.
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Requirements
1.
Compute (a) the cost of goods purchased and (b) the cost of goods sold.
2.
Prepare the income statement for
20172017.
Requirement 1. Compute (a) the cost of goods purchased and (b) the cost of goods sold.
(a) Begin by completing the schedule of cost of goods purchased.
Meed Retail Outlet Stores
Schedule of Cost of Goods Purchased
For the Year Ended December 31, 2017 (in thousands)
Purchases
Add:
Deduct:
Cost of goods purchased
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Marketing and advertising costs
$54,000
Merchandise inventory, January 1, 20...
$54,000
Merchandise inventory, January 1, 20...
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