Use the following financial information to find the entry you would make on an income statement for cost of goods sold for the year ended december 31, 2011: gross sales, $180,000; sales returns and allowances, $9,000; sales discounts, $6,300; merchandise inventory, january 1, 2011, $60,900; merchandise inventory, december 31, 2011, $66,700; net purchases, $58,300; freight in, $600; salaries, $84,700; rent, $22,000; utilities, $1,125; insurance, $2,025; and income tax, $17,750.
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