Cost of Goods Sold Section, Multiple-Step Income Statement Based on the information that follows, prepare the cost of goods sold section of a multiple-step income statement. Merchandise Inventory, January 1, 20-- Estimated Returns Inventory, January 1, 20-- Purchases Purchases Returns and Allowances Purchases Discounts Freight-In Merchandise Inventory, December 31, 20-- Estimated Returns Inventory, December 31, 20-- $35,000 2,000 106,000 5,800 3,230 700 29,500 1,500

Cost of Goods Sold Section, Multiple-Step Income Statement Based on the information that follows, prepare the cost of goods sold section of a multiple-step income statement