The trial balance of Wildhorse Co. at the end of its fiscal year, August 31, 2022,...

 

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The trial balance of Wildhorse Co. at the end of its fiscal year, August 31, 2022, includes these accounts: Beginning Inventory $18,880; Purchases $247,950; Sales Revenue $182,400; Freight-In $9,050; Sales Returns and Allowances $5,140; Freight-Out $1,720; and Purchase Returns and Allowances $5,180. The ending inventory is $23,700. Prepare a cost of goods sold section (periodic system) for the year ending August 31, 2022. Wildhorse Co. Income Statement The trial balance of Wildhorse Co. at the end of its fiscal year, August 31, 2022, includes these accounts: Beginning Inventory $18,880; Purchases $247,950; Sales Revenue $182,400; Freight-In $9,050; Sales Returns and Allowances $5,140; Freight-Out $1,720; and Purchase Returns and Allowances $5,180. The ending inventory is $23,700. Prepare a cost of goods sold section (periodic system) for the year ending August 31, 2022. Wildhorse Co. Income Statement

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To prepare the cost of goods sold section for the year ending August 31 2022 we need to calculate th... View the full answer