Exercise 5-12

The trial balance of Crane Company at the end of its fiscal year, August 31, 2017, includes these accounts: Beginning Inventory $24,750; Purchases $205,860; Sales Revenue $190,000; Freight-In $7,810; Sales Returns and Allowances $3,640; Freight-Out $1,400; and Purchase Returns and Allowances $7,000. The ending inventory is $21,200. Prepare a cost of goods sold section (periodic system) for the year ending August 31, 2017.