The following items were taken from the records of Slow Boat Company, which uses a periodic inventory system: Salary payable $1,100 Sales revenue 480,000 Freight in 20,000 Beginning inventory 35,000 Purchases of inventory 240,000 Purchases of inventory 240,000 Purchase returns and allowances 35,000 Purchase discounts 10,000 Sales returns and allowances 35,000 Ending inventory 80,000 Operating expenses 85,000 Prepare the cost of goods sold section for the Slow Boat Company's income statement.
Question 5
The following items were taken from the records of Slow Boat Company, which uses a periodic inventory system:
Salary payable $1,100
Sales revenue 480,000
Freight in 20,000
Beginning inventory 35,000
Purchases of inventory 240,000
Purchases of inventory 240,000
Purchase returns and allowances 35,000
Purchase discounts 10,000
Sales returns and allowances 35,000
Ending inventory 80,000
Operating expenses 85,000
Prepare the cost of goods sold section for the Slow Boat Company's income statement.
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