Chapter 5 Exercises & Problems eBook I Exhibit Print item Cost of goods sold and related items The following data were extracted from the accounting records of Harkins Company for the year ended April 30, 2018: Estimated returns of current year sales $11,600 Inventory, May 1, 2017 380,000 Inventory, April 30, 2048 415,000 Purchases 3,800,000 Purchases returns and allowances 150,000 Purchases discounts 80,000 Sales 5,850,000 I Freight in 16,600 a. Prepare the cost of goods sold" section of the income statement for the year ended April 30, 20Y8, using the periodic inventory system, Harkins Company Income Statement For the Year Ended April 30, 2018 Cost of goods sold: Inventory, May 1, 2017 380,000 Cost of merchandise purchased: Purchases 3,800,000 Purchases returns and allowances 150,000 Purchases discounts 80,000 Check My Work 2 more Check My Work uses remaining