Question

The trial balance of Sanchez Company at the end of its fiscal year, August 31, 2014, includes these accounts: Beginning Inventory $18,700; Purchases $154,000; Sales Revenue $190,000; Freight-In $8,000; Sales Returns and Allowances $3,000; Freight-Out $1,000; and Purchase Returns and Allowances $5,000. The ending inventory is $21,000.

Instructions
Prepare a cost of goods sold section (periodic system) for the year ending August 31, 2014.



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  • CreatedApril 07, 2014
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