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Marketing (Selling) expenses Merchandise inventory, January 1, 2017 Administrative expenses Merchandise inventory, December 31, 2017 Purchases Freight-in Sales $ 30,000 20,000 40,000 30,000 135,000 5,000

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Marketing (Selling) expenses Merchandise inventory, January 1, 2017 Administrative expenses Merchandise inventory, December 31, 2017 Purchases Freight-in Sales $ 30,000 20,000 40,000 30,000 135,000 5,000 280,000 Required: A.Compute the cost of goods sold. B. Prepare the income statement for 2017

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