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Question - Ivanhoe Stores uses a periodic inventory system and reports the following information for 2021:
Beginning inventory $44,000
Net sales $537,000
Ending inventory 66,000
Purchase discounts 6,100
Freight in 12,000
Purchase returns and allowances 9,500
Freight out 10,500
Purchases 346,000
Required - Prepare the cost of goods sold section of the multiple-step income statement for Ivanhoe Stores.
Compute the expected ROI in 2013 with the following independent changes to actual data. Variable cost of goods sold is decreased by 6%. - Average operating assets are decreased by 10%.
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