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Prepare cost of sales section

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Question - Prepare cost of sales section. Below is a series of cost of sales sections for companies X, F, L and S. X F L S Beginning inventory 250 120 1 000 (j) Purchases 1 500 1 080 (g) 43 590 Purchase returns and allowances 40 (d) 290 (k) Net purchases (a) 1 030 7 210 42 090 Freight-in 110 (e) (h) 2 240 Cost of goods purchased (b) 1 230 7 940 (l) Cost of goods available for sale 1 820 1 350 (i) 49 530 Ending inventory 310 (f) 1 450 6 230 Cost of sales (c) 1 230 7 490 43 300 Required Fill in the lettered blanks to complete the cost of sales sections. Explain the purpose of this exercise. (Hint: What is the main skill you have been developing?)

Reference no: EM132872296

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