Tippah Antiques uses the periodic inventory system to account for its inventory transactions. The following account titles and balances were drawn from Tippah's records for Year 2: beginning balance in inventory, $42,000; purchases, $128,000; purchase returns and allowances, $12,000; sales, $520,000; sales returns and allowances, $3,900; freight-in, $1,000; and operating expenses, $130,000. A physical count indicated that $26,000 of merchandise was on hand at the end of the accounting period. Required a. Prepare a schedule of cost of goods sold. b. Prepare a multistep income statement. Complete this question by entering your answers in the tabs below. Required A Required B Prepare a schedule of cost of goods sold. TIPPAH ANTIQUES Schedule of Cost of Goods Sold For the Year Ended December 31, Year 2 Cost of goods available for sale Cost of goods sold Required A Required B >
Tippah Antiques uses the periodic inventory system to account for its inventory transactions. The following account titles and balances were drawn from Tippah's records for Year 2: beginning balance in inventory, $42,000; purchases, $128,000; purchase returns and allowances, $12,000; sales, $520,000; sales returns and allowances, $3,900; freight-in, $1,000; and operating expenses, $130,000. A physical count indicated that $26,000 of merchandise was on hand at the end of the accounting period. Required a. Prepare a schedule of cost of goods sold. b. Prepare a multistep income statement. Complete this question by entering your answers in the tabs below. Required A Required B Prepare a schedule of cost of goods sold. TIPPAH ANTIQUES Schedule of Cost of Goods Sold For the Year Ended December 31, Year 2 Cost of goods available for sale Cost of goods sold Required A Required B >
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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
Transcribed Image Text:Exercise 4-21A (Static) Determining cost of goods sold: Periodic system (Appendix) LO 4-9
Tippah Antiques uses the periodic inventory system to account for its inventory transactions. The following account titles and balances
were drawn from Tippah's records for Year 2: beginning balance in inventory, $42,000; purchases, $128,000; purchase returns and
allowances, $12,000; sales, $520,000; sales returns and allowances, $3,900; freight-in, $1,000; and operating expenses, $130,000. A
physical count indicated that $26,000 of merchandise was on hand at the end of the accounting period.
Required
a. Prepare a schedule of cost of goods sold.
b. Prepare a multistep income statement.
Complete this question by entering your answers in the tabs below.
Required A Required B
Prepare a schedule of cost of goods sold.
TIPPAH ANTIQUES
Schedule of Cost of Goods Sold
For the Year Ended December 31, Year 2
Cost of goods available for sale
Cost of goods sold
Required A
Required B >
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