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College Accounting, Chapters 1-27

23rd Edition
HEINTZ + 1 other
ISBN: 9781337794756

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BuyFindarrow_forward

College Accounting, Chapters 1-27

23rd Edition
HEINTZ + 1 other
ISBN: 9781337794756
Textbook Problem

COST 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.

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To determine

Prepare the cost of goods sold section of a multiple step income statement.

Explanation

Cost of goods sold:

Cost of goods sold is the total of all the expenses incurred by a company to sell the goods during the given period.

Prepare the cost of goods sold section of a multiple step income statement.

ParticularsAmountAmountAmountAmount
Cost of Goods sold:
Opening merchandise inventory$13,000
Opening estimated returns inventory$800
Purchases$71,300
Less: Purchase returns and allowances$3,188
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