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shown here are annual financial data at december 31 2011 taken from two different co 648343

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

 

Cardinal Drug

Nandina

 

(Retail)

(Manufacturing)

Beginning inventory

 

 

Merchandise                   

$ 50,000

 

Finished goods                 

 

$200,000

Cost of purchases                 

350,000

 

Cost of goods manufactured        

 

686,000

Ending inventory

 

 

Merchandise                    

25,000

 

Finished goods                 

 

300,000

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) identifying where each is reported on the income statement and balance sheet for both companies.

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