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Prepare a schedule of cost of goods sold

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Reference no: EM13933660

India Retailers uses the periodic inventory system to account for its inventory transactions. The following account titles and balances were drawn from India's records for the year 2013: beginning balance in inventory, $46,200; purchases, $352,400; purchase returns and allowances, $14,600; sales, $840,000; sales returns and allowances, $7,520; transportation-in, $2,150; and operating expenses, $65,100. A physical count indicated that $35,100 of merchandise was on hand at the end of the accounting period. 

Required: 

a. Prepare a schedule of cost of goods sold. 
b. Prepare a multi step income statement.

Reference no: EM13933660

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