Simpson Corporation has the following information as of December 31, the end of its fiscal year: Purchases Discounts $ 2,850 Merchandise Inventory, December 31 78,651 Purchases 25,653 Merchandise...
Simpson Corporation has the following information as of December 31, the end of its fiscal year:
Purchases Discounts | $ 2,850 |
Merchandise Inventory, December 31 | 78,651 |
Purchases | 25,653 |
Merchandise Inventory, January 1 | 82,580 |
Purchases Returns and Allowances | 3,270 |
Freight In | 10,326 |
Instructions:
Using the information presented above, prepare the Cost of Goods Sold section of the income statement.
Make an EXCEL file to turn in your work.
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