Beginning merchandise inventory $27,000 Ending merchandise inventory 22,000 Purchases 80,000 Purchases returns and allowances 4,000 Purchases discounts 6,200 Freight-in 200 Adams Gift Shop Income...

Calculation of Cost of Goods Sold: Periodic Inventory System

Prepare the cost of goods sold section for Adams Gift Shop. The following amounts are known:

Extracted text: Beginning merchandise inventory $27,000 Ending merchandise inventory 22,000 Purchases 80,000 Purchases returns and allowances 4,000 Purchases discounts 6,200 Freight-in 200 Adams Gift Shop Income Statement For Year Ended December 31, 20-- Cost of goods sold: 2$ $ Cost of goods sold