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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

Intermediate Accounting: Reporting And Analysis
Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter7: Inventories: Cost Measurement And Flow Assumptions
Section: Chapter Questions
Problem 11RE: Jessie Stores uses the periodic system of calculating inventory. The following information is...
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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
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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