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Prepare the cost of goods sold section

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Reference no: EM132746130

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.

Reference no: EM132746130

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