The trial balance of Carla Vista Company at the end of its fiscal year, August 31, 2022, includes these accounts: Inventory $27,000; Purchases $150,700: Sales Revenue $198,000; Freight-In $9,700; Sales Returns and Allowances $4,800; Freight-Out $1,800; and Purchases Returns and Allowances $6,600. The ending inventory is $22,000. Prepare a cost of goods sold section for the year ending August 31. CARLA VISTA COMPANY Income Statement (Cost of Goods Sold section - Periodic system) For the Year Ended August 31, 2022 Inventory, August 31, 2022 Purchases Less Purchase Returns and Allowances Net Purchases Add Freight-in Total Expenses Cost of Goods Available for Sale Cost of Goods Sold
The trial balance of Carla Vista Company at the end of its fiscal year, August 31, 2022, includes these accounts: Inventory $27,000; Purchases $150,700: Sales Revenue $198,000; Freight-In $9,700; Sales Returns and Allowances $4,800; Freight-Out $1,800; and Purchases Returns and Allowances $6,600. The ending inventory is $22,000. Prepare a cost of goods sold section for the year ending August 31. CARLA VISTA COMPANY Income Statement (Cost of Goods Sold section - Periodic system) For the Year Ended August 31, 2022 Inventory, August 31, 2022 Purchases Less Purchase Returns and Allowances Net Purchases Add Freight-in Total Expenses Cost of Goods Available for Sale Cost of Goods Sold
Chapter1: Financial Statements And Business Decisions
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Transcribed Image Text:The trial balance of Carla Vista Company at the end of its fiscal year, August 31, 2022, includes these accounts: Inventory $27,000;
Purchases $150,700: Sales Revenue $198,000; Freight-In $9,700; Sales Returns and Allowances $4,800; Freight-Out $1,800; and
Purchases Returns and Allowances $6,600. The ending inventory is $22,000.
Prepare a cost of goods sold section for the year ending August 31.
CARLA VISTA COMPANY
Income Statement (Cost of Goods Sold section - Periodic system)
For the Year Ended August 31, 2022
Inventory, August 31, 2022
Purchases
Less
Purchase Returns and Allowances
Net Purchases
Add
Freight-In
Total Expenses
Cost of Goods Available for Sale
Cost of Goods Sold
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