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 $193,250
Inventory, March 31 180,100
Purchases 1,079,600
Purchases returns and allowances 51,200
Purchases discounts 18,500
Sales 1,860,000
Freight in 19,250
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Using the following data taken from Hsu's Imports Inc. which uses a periodic inventory system, prepa...
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