Accounting unit 3 Challenge 1: Merchandising

LEARNING OBJECTIVE: Calculate the goods available for sale from an expanded income statement. After Kyle completed the closing process, he looked forward to preparing his financial statements. He reviewed the accounts and began collecting the information for the expanded income statement. Cost of Goods Sold Beginning Inventory $86 000 16do. Purchases 535.000 Purchase Returns and Allowances $5.000 Net Purchases Cost of Goods Purchased 527 090 The Goods Available for Sale total is