prepare statements for a merchandising company the cost accountant for sun amp surf 690867
Prepare Statements for a Merchandising Company
The cost accountant for Sun & Surf Apparel Shop has compiled the following information for last year’s operations:
|
Administrative costs |
$ 146,400 |
|
Merchandise inventory, January 1 |
26,000 |
|
Merchandise inventory, December 31 |
25,000 |
|
Merchandise purchases |
1,220,000 |
|
Sales commissions |
85,700 |
|
Sales revenue |
1,868,000 |
|
Store rent |
28,800 |
|
Store utilities |
5,460 |
|
Transportation in costs |
9,240 |
Required
Prepare an income statement with a supporting cost of goods sold statement.