The trial balance of Skysong, Inc at the end of its fiscal year, August 31,...
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The trial balance of Skysong, Inc at the end of its fiscal year, August 31, 2020, includes these accounts: Inventory $20,000 Purchases $156,500, Sales Revenue $192,500; Freight-In $5,000, Sales Returns and Allowances $3,050, Freight Out $1,950, and Purchase Returns and Allowances $2,800. The ending inventory is $24,000. Prepare a cost of goods sold section for the year ending August 31 (periodic inventory). Skysong, Inc. Income Statement-cost of goods sold section (periodic system)
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