Problem
The adjusted trial balance of Splish brothers inc at the end of its fiscal year August 31, 2022, includes these accounts: Inventory $20,000, Purchases $151,000, Sales Revenue $192,000, Freight In $8400, Sales Returns and allowances $2800, Freight Out 900 and Purchases returns and allowances $5300. The ending inventory is $23,000. Prepare cost of goods sold section on the income statement for the year ending August 31, 2022.