The following supplementary records summarize Titus Company’s merchandising activities for year 2011. Set up T-accounts for Merchandise Inventory and Cost of Goods Sold. Then record the summarized activities in those T-accounts and compute account balances.Cost of merchandise sold to customers in sales transactions . . . . . . . . . $186,000Merchandise inventory, December 31, 2010 . . . . . . . . . . . . . . . . . . . . . . . 27,000Invoice cost of merchandise purchases . . . . . . . . . . . . . . . . . . . . . . . . . . 190,500Shrinkage determined on December 31, 2011 . . . . . . . . . . . . . . . . . . . . . . . . 700Cost of transportation-in . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,900Cost of merchandise returned by customers and restored to inventory . . . 2,200Purchase discounts received . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,600Purchase returns and allowances . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,100View Solution:
The following supplementary records summarize Titus Company s me



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