eBook Show Me How Calculator 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-- $37,000 Estimated Returns Inventory, January 1, 20-- 2,000 Purchases 102,000 Purchases Returns and Allowances 4,200 Purchases Discounts 2,040 Freight-In 800 Merchandise Inventory, December 31, 20-- Estimated Returns Inventory, December 31, 20- 30,500 2,500 Income Statement For Year Ended December 31, 20-- Cost of goods sold: DO Check My Work more Check My Works remaining Emaintructor Save and % & 2 3 9 4 5 6 7 8 0 W E R T Y 0 U Estimated Returns Inventory, December 31, 20- 2,500 Income Statement For Year Ended December 31, 20. Cost of goods sold Cost of goods sold Check My Work 5 more Check My Work uses remaining Email Instructor 34 Q $ 4 % 5 & 7 3 8 6 2 3 0 W E R U Y T F D H G S J. K C V M B N