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Below is a series of cost of goods sold sections for Mikey Inc., Nancie Co., and Oscar Inc.Mikey Nancie OscarBeginning inventory $ 250 $ 120 $ (g)Purchases 1,700 1,080 43,590Purchase returns and allowances 40 (d) (h)Net purchases (a) 1,030 42,090Freight-in 130 (e) 2,740Cost of goods purchased (b) 1,230 (i)Cost of goods available for sale 2,040 1,350 49,530Ending inventory 310 (f) 6,230Cost of goods sold (c) 1,130 43,300InstructionsFill in the lettered blanks to complete the cost of goods sold sections. (SHOW ALL WORK)

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TomShelby

Answer:

1.Beginning Inventory       250           120    g=4,700

2.Purchases                     1,700        1,080     43,590

3.return and allowance      40         d=50    h=1,500

4.Net purchases           a=1,740         1,030    42,090

5.Freight-in                        130        e=200      2,740

6.Cost of goods

  purchased                 b=1,870         1,230  i=44,830

7.Cost available

  for Sale                         2,040  1,350    49,530

8.Ending Inventory            310  f=220       6,230

9.Cost of Good Sold    c=1,910    1,130     43,300

Explanation:

net purchases = purchase less return and allowance.

a: 1,700 + 40 = 1,740

d: 1,080 - 1,030 = 50

h= 43,590 - 42,090 = 1,500

cost of goods purchased: net purchase + freigh-in

b: 1,740 + 130 = 1,870

e: 1,230 - 1,030 = 200

i: 42,090 + 2,740 = 44,830

cost available for sale: beginning + cost of goods purchases

g = 49,530 - 44,830 = 4,700

ending inventory: available for sales - cost of good sold

c: 2,040 - 130 = 1,910

f: 1,350 - 1,130 =  220

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