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The trial balance of Swifty Corporation at the end of its fiscal year, August 31, 2022, includes these accounts: Beginning Inventory $18,650; Purchases $227,110; Sales Revenue $208,200; Freight-In $9,560; Sales Returns and Allowances $3,440; Freight-Out $1,810; and Purchase Returns and Allowances $8,000. The ending inventory is $23,400.
Prepare a cost of goods sold section (periodic system) for the year ending August 31, 2022.

Respuesta :

Answer and Explanation:

The preparation of the cost of goods sold section is presented below;

Beginning inventory $18,650

Purchases $227,110  

Less: Purchase return & allowances ($,8000)    

Add: Freight in $9,560  

Cost of goods available for sale $247,320

Less: Ending inventory  ($23,400)

Cost of goods sold $223,920

In this way it should be prepared

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