Powell Company began the Year 3 accounting period with $36,000 cash, $74,000 inventory, $55,000 common stock, and $55,000 retained earnings During Year 3, Powell experienced the following events Sold merchandise costing $47,000 for $99,000 on account to Prentise Furniture Store Delivered the goods to Prentise under terms FOB destination Freight costs were $700 cash Received returned goods from Prentise The goods cost Powell $4,600 and were sold to Prentise for $6,600 Granted Prentise a $2,600 allowance for damaged goods that Prentise agreed to keep Collected partial payment of $79,000 cash from accounts receivable i just need help finding the cost of goods sold Required a Record the events in a statements model shown below b Prepare an income statement, a balance sheet, and a statement of ca c Why would Prentise agree to keep the damaged goods Complete this question by entering your answers in the tabs below Req A Req B1 Req B2 Req B3 Reg C Prepare an income statement for Powell Company POWELL COMPANY Income Statement For the Year Ended December 31, Year 3 Net sales $ 89,800 Cost of goods sold Gross margin 89,800 Operating expenses Transportation out 700 Net income $ 89, 100

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Powell Company began the Year 3 accounting period with $36,000 cash, $74,000 inventory, $55,000 common stock, and $55,000 retained earnings. During Year 3, Powell experienced

Powell Company began the Year 3 accounting period with $36,000 cash, $74,000 inventory, $55,000 common stock, and $55,000 retained earnings. During Year 3, Powell experienced the following events:

Sold merchandise costing $47,000 for $99,000 on account to Prentise Furniture Store.
Delivered the goods to Prentise under terms FOB destination. Freight costs were $700 cash.
Received returned goods from Prentise. The goods cost Powell $4,600 and were sold to Prentise for $6,600.
Granted Prentise a $2,600 allowance for damaged goods that Prentise agreed to keep.
Collected partial payment of $79,000 cash from accounts receivable.

i just need help finding the cost of goods sold!

Required a. Record the events in a statements model shown below. b. Prepare an income statement, a balance sheet, and a statement of ca c. Why would Prentise agree to keep the damaged goods? Complete this question by entering your answers in the tabs below Req A Req B1 Req B2 Req B3 Reg C Prepare an income statement for Powell Company. POWELL COMPANY Income Statement For the Year Ended December 31, Year 3 Net sales $ 89,800 Cost of goods sold Gross margin 89,800 Operating expenses Transportation-out 700 Net income $ 89, 100