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Prepare the cost of goods purchased statement

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Question - The account balances for 2020 for Shrestha Department Stores are as follows:

Marketing, distribution, and customer service costs $18,500

Merchandise inventory, January 1, 2020 13,500

Utilities 8,500

General and administrative costs 21,000

Merchandise inventory, December 31, 2020 17,000

Purchases 77,500

Miscellaneous costs 2,000

Transportation-in 3,500

Purchase returns and allowances 2,000

Purchase discounts 3,000

Revenues 140,000

a) Prepare the cost of goods purchased statement for 2020.

b) Prepare the cost of goods sold statement for 2020.

c) Prepare the income statement for 2020.

Reference no: EM133000703

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