Accounting Problem 18-01
Drawback 18-01Class:Half 1: Price of Items Offered for a Merchandising BusinessPINNACLE RETAILPartial Revenue StatementFor 12 months Ended December 31, XXX2Cost of products offered:Merchandise stock, December 31, XXX1Merchandise purchasesGoods out there for saleLess merchandise stock, December 31, XXX2Cost of products soldPart 2: Price of Items Offered for a Manufacturing BusinessSLOPE BOARD MANUFACTURINGPartial Revenue StatementFor 12 months Ended December 31, XXX2Cost of products offered:Completed items stock, December 31, XXX1Cost of products manufacturedGoods out there for saleFinished items stock, December 31, XXX2Cost of products soldPart three: Clarify the distinction between calculating price of products offered for a merchandising and a producing enterprise. Point out what stock accounts are used for every and on what monetary assertion and wherein part these stock accounts could be included.Given Information P18-01:Monetary knowledge at December 31, 2005:Pinnacle Slope BoardRetailManufacturingBeginning stock:MerchandiseFinished goodsCost of purchasesCost of products manufacturedEnding inventoryMerchandiseFinished goodsCheck determine:(1) Slope Board's price of products offered$150,000$300,000250,000586,000100,000200,000$686,000Directions:Half 1: Full the partial revenue assertion for Pinnacle, a merchandising enterprise.Half 2: Full the partial revenue assertion for Slope, a producing enterprise.Half three: Clarify the distinction between calculating price of products offered for a merchandising and a producing enterprise.Point out what stock accounts are used for every and on what monetary assertion and wherein part these stock accounts could be included.