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The following information pertains to the Leopoldo Valdez School Chairs: Transportation in Merchandise inventory, 1/1/2020 Merchandise Inventory, 12/31/2020 Purchases Purchases Returns and Allowances Purchases Discounts P 172,000 1,200,000 1,900,000 4,300,000 129,000 215,000 Required: Prepare the cost of goods sold section of the income statement for the year ended Dec. 31, 2020.

The following information pertains to the Leopoldo Valdez School Chairs: Transportation in Merchandise inventory, 1/1/2020 Merchandise Inventory, 12/31/2020 Purchases Purchases Returns and Allowances Purchases Discounts P 172,000 1,200,000 1,900,000 4,300,000 129,000 215,000 Required: Prepare the cost of goods sold section of the income statement for the year ended Dec. 31, 2020.

FINANCIAL ACCOUNTING
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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The following information pertains to the Leopoldo Valdez School Chairs: Transportation In Merchandise Inventory, 1/1/2020 Merchandise Inventory, 12/31/2020 P 172,000 1,200,000 1,900,000 Purchases 4,300,000 Purchases Returns and Allowances 129,000 215,000 Purchases Discounts Required: Prepare the cost of goods sold section of the income statement for the year ended Dec. 31, 2020.
Transcribed Image Text:The following information pertains to the Leopoldo Valdez School Chairs: Transportation In Merchandise Inventory, 1/1/2020 Merchandise Inventory, 12/31/2020 P 172,000 1,200,000 1,900,000 Purchases 4,300,000 Purchases Returns and Allowances 129,000 215,000 Purchases Discounts Required: Prepare the cost of goods sold section of the income statement for the year ended Dec. 31, 2020.
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