From the following accounts, prepare a cost of goods sold section in proper form: Merchandise Inventory, 12/31/1X,

Question:

From the following accounts, prepare a cost of goods sold section in proper form: Merchandise Inventory, 12/31/1X, $8,990; Purchases Discount, $850; Merchandise Inventory, 12/01/1X, $4,200; Purchases, $64,000; Purchases Returns and Allowances, $960; Freight-In $280.