29 Dec Using the following data taken from Hsu’s Imports
Using the following data taken from Hsu’s Imports Inc. which uses a periodic inventory system, prepare the cost of goods sold section of the income statement for the year ended March 31.Inventory, April 1$193,250Inventory, March 31180,100Purchases1,079,600Purchases returns and allowances51,200Purchases discounts18,500Sales1,860,000Freight in19,250Hsu’s Imports Inc.Partial Income StatementFor the Year Ended March 31
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