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Determine the amount of cost of goods sold

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Reference no: EM132997882

Question - The following account titles and balances were taken from the adjusted trial balance of King Co. for Year 2. The company uses the periodic inventory system.

Account Title Balance

Sales returns and allowances $4,800 Miscellaneous expense 1,200 Transportation-out 3,800 Sales 165,000 Advertising expense 7,800 Salaries expense 22,900 Transportation-in 3,450 Purchases 98,000 Interest expense 750 Merchandise inventory, January 1 14,600 Rent expense 9,500 Merchandise inventory, December 31 12,000 Purchase returns and allowances 3,800 Loss on sale of land 4,800 Utilities expense 2,400

Required -

1. Prepare a schedule to determine the amount of cost of goods sold.

2. Prepare a multistep income statement.

3. Prepare a single-step income statement.

Reference no: EM132997882

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