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shown here are annual financial data at december 31 2011 taken from two different co 648334

Shown here are annual financial data at December 31, 2011, taken from two different companies.

 

Pinnacle

Retail

Slope Board

Manufacturing

Beginning inventory

 

 

Merchandise                   

$150,000

 

Finished goods                  

 

$300,000

Cost of purchases                  

250,000

 

Cost of goods manufactured        

 

586,000

Ending inventory

 

 

Merchandise                   

100,000

 

Finished goods                  

 

200,000

Required

1. Compute the cost of goods sold section of the income statement at December 31, 2011, for each company. Include the proper title and format in the solution.

2. Write a half page memorandum to your instructor (a) identifying the inventory accounts and (b) describing where each is reported on the income statement and balance sheet for both companies.

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