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Sales returns and allowances 4000 freight-out 1170 and

Question - The trial balance of D. Savage Company at the end of its fiscal year, August 31, 2014, includes these accounts: Inventory $23,450; Purchases $155,740; Sales Revenue $191,850; Freight-In $4,990; Sales Returns and Allowances $4,000; Freight-Out $1,170; and Purchase Returns and Allowances $2,970. The ending merchandise inventory is $29,990.

Prepare a cost of goods sold section for the year ending August 31 (periodic inventory).

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Accounting Basics: Sales returns and allowances 4000 freight-out 1170 and

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Accounting Basics: Sales returns and allowances 4000 freight-out 1170 and

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