AC201 Unit 4 Homework

Tippah Antiques uses the periodic inventory system to account for its inventory transactions. The following account titles and balances were drawn from Tippah's records for Year 2: beginning balance in inventory, $24,200; purchases, $306,100; purchase returns and allowances, $12,300; sales, $718,000; sales returns and allowances, $6,230; freight-in, $1,780; and operating expenses, $50,800. A physical count indicated that $24,100 of merchandise was on hand at the end of the accounting period. Required a. Prepare a schedule of cost of goods sold. b. Prepare a multistep income statement. Complete this question by entering your answers in the tabs below. Required A Required B Prepare a schedule of cost of goods sold. TIPPAH ANTIQUES Schedule of Cost of Goods Sold For the Year Ended December 31, Year 2

Tippah Antiques uses the periodic inventory system to account for its inventory transactions. The following account titles and balances were drawn from Tippah's records for Year 2: beginning balance in inventory, \$24,200; purchases, \$306,100; purchase returns and allowances, $12,300; sales, $718,000; sales teturns and allowances, $6,230; freight-in, $1,780; and operating expenses, $50,800. A physical count indicated that $24,100 of merchandise was on hand at the end of the accounting period. Required a. Prepare a schedule of cost of goods sold. b. Prepare a multistep income statement. Complete this question by entering your answers in the tabs below. Prepare a schedule of cost of poods sold. Complete this question by entering your answers in the tabs below. Prepare a multistep income statement. Prepare a schedule of cost of goods sold