Question

Using the data that follows and assuming cost of goods sold is $273,700, prepare the cost of goods sold section of a merchandising income statement (periodic inventory system). Include the amount of purchases for the month of October.
Freight-in ................. $13,800
Merchandise inventory, Sept. 30, 2014 ...... 37,950
Merchandise inventory, Oct. 31, 2014 ..... 50,600
Purchases ................. ?
Purchases returns and allowances ........ 10,350



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  • CreatedMarch 26, 2014
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