Creating the cost of goods sold section of income statement, Accounting Basics

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Creating the cost of goods sold section of income statement

Response to the following problem:

Using the following information, prepare the Cost of Goods Sold section of an income statement.

Purchases Discounts $ 8,500

Merchandise Inventory, December 31 189,000

Purchases 476,000

Merchandise Inventory, January 1 185,000

Purchases Returns and Allowances 9,000

Freight In 12,000

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Accounting Basics: Creating the cost of goods sold section of income statement

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Accounting Basics: Creating the cost of goods sold section of income statement

Reference No:- TGS02128178

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