nmel, Account FINANCIAL Gradebook OR Textbook gnment Exercise 230 The trial bala

Question

nmel, Account FINANCIAL Gradebook OR Textbook gnment Exercise 230 The trial balance of Rachel Compamy at the end of its fscal year, August 31, 2017, inckdes Out $1,000 and Purchases Returns and Allowances $5,000. The ending inventery is 125,000. 1 hese accounts: Inventory $29,200, Pardheses $344,000, Sales Revenue $190,000, Faeight-in $8,000SalesReurn andce Prepare a t of goods sold section for the year ending August 31. Income Statensent (Cost of Goods Sold section Periodic system) Ended August 31, 2017 Click if you would like to Show Work for this question: Qen Shi Wad

Explanation / Answer

Rachel Company Income Statement (Cost og Goods Sold Section-Periodic System) For the year ended August 31,2017 Beginning Inventory      29,200 Purchases 1,44,000 Less : Purchase Returns & Allowances       -5,000 Net Purchases 1,39,000 Add: Frieght In        8,000 Cost of Goods Purcahsed 1,47,000 Goods Available for Sale 1,76,200 Ending Inventory    -25,000 Cost of Goods sold 1,51,200

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