Question - Listed below is the partial Trial Balance of Renata's Rugs Inc at Oct 31, 2015:
Purchases $50,000
Sales Revenue $450,000
Freight-Out $6,500
Sales Returns & Allowances $25,000
Freight-In $7,200
Beginning Inventory (1/1/15) $55,500
Ending Inventory (12/31/15) $54,000
Sales Discounts $22,000
Operating Expenses $115,500
Required:
a. Calculate Cost of Goods Sold for the year ended Dec 31 st 2015.
b. Prepare a Multi-Step Income Statement for Dec 31 st 2015.