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The following account titles and balances were taken from the adjusted trial balance of King Company for Year 2023. The company uses the periodic inventory system. Account Title Freight -in for purchases Purchases Merchandise inventory, 1 January, 2023 Merchandise inventory, 31 December, 2023 Purchase returns and allowances Balance 8,000 165,000 24,200 16,200 2,000 Required: Prepare a schedule to determine the amount of cost of goods sold for 2023.

The following account titles and balances were taken from the adjusted trial balance of King Company for Year 2023. The company uses the periodic inventory system. Account Title Freight -in for purchases Purchases Merchandise inventory, 1 January, 2023 Merchandise inventory, 31 December, 2023 Purchase returns and allowances Balance 8,000 165,000 24,200 16,200 2,000 Required: Prepare a schedule to determine the amount of cost of goods sold for 2023.

Financial Accounting
Financial Accounting
15th Edition
ISBN:9781337272124
Author:Carl Warren, James M. Reeve, Jonathan Duchac
Publisher:Carl Warren, James M. Reeve, Jonathan Duchac
Chapter6: Accounting For Merchandising Businesses
Section: Chapter Questions
Problem 36E: The following data were extracted from the accounting records of Harkins Company for the year ended...
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The following account titles and balances were taken from the adjusted trial balance of King Company for Year 2023. The company uses the periodic inventory system. Account Title Freight -in for purchases. Purchases Merchandise inventory, 1 January, 2023 Merchandise inventory, 31 December, 2023 Purchase returns and allowances Balance 8,000 165,000 24,200 16,200 2,000 Required: Prepare a schedule to determine the amount of cost of goods sold for 2023.
Transcribed Image Text:The following account titles and balances were taken from the adjusted trial balance of King Company for Year 2023. The company uses the periodic inventory system. Account Title Freight -in for purchases. Purchases Merchandise inventory, 1 January, 2023 Merchandise inventory, 31 December, 2023 Purchase returns and allowances Balance 8,000 165,000 24,200 16,200 2,000 Required: Prepare a schedule to determine the amount of cost of goods sold for 2023.
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