The trial balance of Jangles Corporation at the end of
The trial balance of Jangles Corporation at the end of its fiscal year, August 31, 2014, includes the following accounts: Purchases $ 151,600; Sales Revenue $250,000; Freight in $4,000; Sales Returns and Allowances $4,000; Freight-out $1,000; and Purchase Returns and Allowances $21,000. Inventory on September I, 2013, was $22,800 and ending inventory on August 31, 2014, is $21,500.
Instructions
Prepare the cost of goods sold section of the statement of comprehensive income for the year ending August 31.
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