Instructions Amount Descriptions and Accounts Income Statement nstructions Based on the information that follows: Merchandise Inventory, January 1, 20-- $14,000 Estimated Returns Inventory, January 1, 20-- 700 Purchases 71,400 Purchases Returns and Allowances 3,189 Purchases Discounts 1,460 Freight-in Merchandise Inventory, December 31, 20-- 390 21,000 Estimated Returns Inventory, December 31, 20-- 1,300 Required: Prepare the cost of goods sold section of a multiple-step income statement.

Instructions Amount Descriptions and Accounts Income Statement nstructions Based on the information that follows: Merchandise Inventory, January 1, 20-- $14,000 Estimated Returns Inventory, January 1, 20-- 700 Purchases 71,400 Purchases Returns and Allowances 3,189 Purchases Discounts 1,460 Freight-in Merchandise Inventory, December 31, 20-- 390 21,000 Estimated Returns Inventory, December 31, 20-- 1,300 Required: Prepare the cost of goods sold section of a multiple-step income statement.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Using the accounts and amounts below, calculate Cost of Goods Sold: Account Amount Beginning Inventory $18,341 Net Sales 117,527 Cost of Goods Purchased 51,982 Cost of Goods Sold 48,012 Ending Inventory 12,052
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