From the following accounts, prepare a cost of goods sold section in proper form: Merchandise Inventory, 12/31/1X,

Question:

From the following accounts, prepare a cost of goods sold section in proper form: Merchandise Inventory, 12/31/1X, $9,000; Purchases Discount, $920; Merchandise Inventory, 12/01/1X, $4,000; Purchases, $62,000; Purchases Returns and Allowances, $970; Freight-In, $250.