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24 March, 07:47

The trial balance of Tamarisk, Inc. at the end of its fiscal year, August 31, 2022, includes these accounts: Beginning Inventory $24,350; Purchases $203,160; Sales Revenue $182,200; Freight-In $9,080; Sales Returns and Allowances $4,880; Freight-Out $1,860; and Purchase Returns and Allowances $8,250. The ending inventory is $24,300.

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  1. 24 March, 07:54
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    Solution and Explanation:

    Cost of goods sold section:

    Beginning inventory, September 1, 2013 24350

    Purchase 203160

    Less: Purchase return and allowance - 8250

    Net purchase 194910

    Add: Freight in 9080

    Cost of goods purchased 203990

    Cost of goods available for sale 228340

    Less: Inventory august 31,2014 - 24300

    Cost of goods sold 204040

    Note: Net purchases are calculated after deducting purchase return and allowances from the purchase. For calculating the cost of goods purchased, freight in is to be added.
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