Garcia Company has the following information as of December 31, the end of its fiscal year:
Instructions:
Using the information presented above, prepare the Cost of Goods Sold section of the income statement.
$\begin{array}{lr}
\text { Purchases discounts } & 5,700 \
\text { Merchandise inventory, December } 31 & 1,57,300 \
\text { Purchases } & 51,300 \
\text { Merchandise inventory, January 1 } & 1,65,160 \
\text { Purchases returns and allowances } & 6,540 \
\text { Freight in } & 20,650 \
\text { Freight out } & 8,250
\end{array}$

Question

Garcia Company has the following information as of December 31, the end of its fiscal year:
Instructions:
Using the information presented above, prepare the Cost of Goods Sold section of the income statement.
 $\begin{array}{lr}
\text { Purchases discounts } & 5,700 \
\text { Merchandise inventory, December } 31 & 1,57,300 \
\text { Purchases } & 51,300 \
\text { Merchandise inventory, January 1 } & 1,65,160 \
\text { Purchases returns and allowances } & 6,540 \
\text { Freight in } & 20,650 \
\text { Freight out } & 8,250
\end{array}$ ​

Quizplus · Accepted Answer

The Answer of Garcia Company has the following information as of December 31, the end of its fiscal year:
Instructions:
Using the information presented above, prepare the Cost of Goods Sold section of the income statement.
 $\begin{array}{lr}
\text { Purchases discounts } & 5,700 \
\text { Merchandise inventory, December } 31 & 1,57,300 \
\text { Purchases } & 51,300 \
\text { Merchandise inventory, January 1 } & 1,65,160 \
\text { Purchases returns and allowances } & 6,540 \
\text { Freight in } & 20,650 \
\text { Freight out } & 8,250
\end{array}$ ​

Garcia Company Has the Following Information as of December 31