III. Prepare a Schedule of Cost of Goods Sold (5') The following selected events occurred at Tianshu Co. during the firs

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Iii Prepare A Schedule Of Cost Of Goods Sold 5 The Following Selected Events Occurred At Tianshu Co During The Firs 1 (49.3 KiB) Viewed 13 times

III. Prepare a Schedule of Cost of Goods Sold (5') The following selected events occurred at Tianshu Co. during the first half of the year. Date Event Amount Jan. 1 Beginning inventory $20,000 Jan. 25 Purchased goods, FOB destination 20,000 Feb. 10 Returned goods to supplier 3,000 Mar. 20 Sold goods 19,000 5 Purchased goods, FOB shipping point 35,000 Apr. Apr. 15 Paid freight on goods purchased 2,000 May 1 Sold goods 14,000 June 1 Sold goods 23,000 June 18 2,000 Customer returned goods to Tianshu Physical count of ending inventory June 30 20,000 Required: Prepare a Schedule of Cost of Goods Sold for Snead Co., for the six-months ended June 30, assuming the periodic inventory method is used. Use the form provided below. Beginning inventory Purchases Purchase returns Transportation-in Cost of goods available for sale Ending inventory Cost of goods sold