Question: Question 3: (B1, C1, D3) (8 Points) At the end of 2016 Fontana Company has the following account balances: Purchases $710,000; Purchase Returns and Allowances

Question 3: (B1, C1, D3) (8 Points) At the end of 2016 Fontana Company has the following account balances: Purchases $710,000; Purchase Returns and Allowances $210,000; Purchase Discounts $50,000; and Freight-In $10,000; beginning inventory of $80,000; ending inventory $40,000; and net sales of $900,000. Instructions: Prepare the Statement of cost of goods sold Answer of Question 3

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