During August 2014, Packer Manufacturing had the following cash receipts and disbursements:
Cash received from customers - $319,000
Cash received from selling equipment - $11,200
Cash paid for salaries - $47,000
Cash paid to suppliers for inventory purchases - $130,000
In addition, the following balance sheet account balances were shown on Packer's books:
July 31 August 31
Accounts Receivable $128,000 $135,000
Inventory $33,000 $25,000
Accounts Payable $21,000 $25,000
Salaries Payable $8,000 $5,000
Assume all sales and purchases are on account.
REQUIRED:
1. Determine sales for August 2014.
2. Determine salary expense for August 2014.
3. Determine cost of goods sold for August 2014.