ost of Goods Sold Section, Multiple-Step Income StatementBased on the information that follows, prepare the cost of goods sold section of a multiple-step income statement.Merchandise Inventory, January 1, 20--$35,000Estimated Returns Inventory, January 1, 20--2,000Purchases106,000Purchases Returns and Allowances5,800Purchases Discounts3,230Freight-In700Merchandise Inventory, December 31, 20--29,500Estimated Returns Inventory, December 31, 20--1,500 Income StatementFor Year Ended December 31, 20--Cost of goods sold: $fill in the blank 2 fill in the blank 4$fill in the blank 5 $fill in the blank 7 $fill in the blank 9 fill in the blank 11fill in the blank 12 $fill in the blank 14 fill in the blank 16 fill in the blank 18 $fill in the blank 20 $fill in the blank 22 fill in the blank 24fill in the blank 25 Cost of goods sold $fill in the blank 26

Cost of goods sold = Beginning inventory + Net purchases - Ending inventory

Answered: Based on the information that follows,…

Cornerstones of Financial Accounting

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ISBN:9781337690881

Author:Jay Rich, Jeff Jones

Publisher:Jay Rich, Jeff Jones

Chapter6: Cost Of Goods Sold And Inventory

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ost of Goods Sold Section, Multiple-Step Income Statement

Based on the information that follows, prepare the cost of goods sold section of a multiple-step income statement.

Merchandise Inventory, January 1, 20--	$35,000
Estimated Returns Inventory, January 1, 20--	2,000
Purchases	106,000
Purchases Returns and Allowances	5,800
Purchases Discounts	3,230
Freight-In	700
Merchandise Inventory, December 31, 20--	29,500
Estimated Returns Inventory, December 31, 20--	1,500


Income Statement
For Year Ended December 31, 20--
Cost of goods sold:
		$fill in the blank 2
		fill in the blank 4	$fill in the blank 5
		$fill in the blank 7
	$fill in the blank 9
	fill in the blank 11	fill in the blank 12
		$fill in the blank 14
		fill in the blank 16
			fill in the blank 18
			$fill in the blank 20
		$fill in the blank 22
		fill in the blank 24	fill in the blank 25
Cost of goods sold				$fill in the blank 26

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