FINANCIAL ACCOUNTING
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ISBN: 9781259964947
Author: Libby
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The trial balance of Sheridan Company at the end of its fiscal year, August 31, 2017, includes these accounts: Beginning Inventory $19,620; Purchases $190,350; Sales Revenue $188,100; Freight-In $8,490; Sales Returns and Allowances $3,450; Freight-Out $2,820; and Purchase Returns and Allowances $5,400. The ending inventory is $22,100.
Prepare a cost of goods sold section (periodic system) for the year ending August 31, 2017.
SHERIDAN COMPANY
Income Statement
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