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Below is a series of cost of goods sold for companies X, L, F, and S
X L F S
Beginning inventory $ 250 120 1000 $ (J)
Purchases $ 1500 1080 (G) 43,590
Purchase returns and allowances $ 40 (D) 290 ( K)
net purchases $ (A) 1030 7210 42,090
Freight in $ 130 (E) (H) 2240
Cost of goods purchased (B) 1230 8050 $(L)
Cost of goods avail. for sale $1840 $1350 (i) 49,530
ending inventory $310 (f) 1450 6,230
Cost of goods sold $(c) $1230 $7600 $43,300

A) Fill in the lettered blanks to complete the costs of goods sold.

Solution Preview

Below is a series of cost of goods sold for companies X, L, F, and S

X L F S
Beginning inventory $250 $120 $1,000 J
Purchases $1,500 $1,080 G $43,590
Purchase returns and allowances $40 D $290 K
net purchases A $1,030 $7,210 $42,090
Freight in $130 E H $2,240
Cost of goods purchased B $1,230 $8,050 L
Cost of goods ...

Solution Summary

The solution calculates cost of goods sold.

$2.19