Homework SourseNeil Webster is the sole proprietor of Prestigious Pugs a bu
Neil Webster is the sole proprietor of Prestigious Pugs, a business specializing in the sale of high-end pet gifts and accessories. Prestigious Pugs\' sales totaled $1,105,000 during the most recent year. During the year, the company spent $55,000 on expenses relating to website maintenance, $30,500 on marketing, and $29,500 on wrapping, boxing, and shipping the goods to customers. Prestigious Pugs also spent $638,000 on inventory purchases and an additional $19,500 on freight-in charges. The company started the year with $16,250 of inventory on hand and ended the year with $16,000 of inventory. Prepare Prestigious Pugs\' income statement for the most recent year.
Neil Webster is the sole proprietor of Prestigious Pugs, a business specializing in the sak $1,105,000 during the most recent year. During the year, the company sper $29,500 on wrapping, boxing, and shipping the goods to customers. Prestigious Pugs als on freight-in charges. The company started the year with $16,250 of inventory on hand a income statement for the most recent year Begin by calculating the cost of goods sold for the year. Prestigious Pugs Cost of Goods Sold For Current Year Plus: Less: Cost of goods sold Choose from any list or enter any number in the input fields and then click Check part remaining Clear A Type here to search n e Solution
Calculate cost of goods sold :
Prepare income statement :
| Beginning inventory | 16250 |
| Plus : Inventory purchase (638000+19500) | 657500 |
| Total goods available for sale | 673750 |
| Less : Ending inventory | (16000) |
| Cost of goods sold | 657750 |
