Scanned with CamScanner Que. 4. ABC retailers uses the periodic inventory method to count for its inventory transactions. The following account titles and balances were drawn from their records. Beginning balance of inventory $12,450, purchases, $153,200, purchase return and allowances, $4,800, sales, $340,000, sales return and allowances, $3,160, freight-in, S1,080, interest revenue $5,200, loss on sale of furniture $300, and operating expenses, $25,700. A physical count of merchandize indicated that $14,650 of merchandize was on hand at the end of the accounting period. Required: (2+2) = 4 a. Prepare a schedule of cost of goods sold. Prepare a multistep income statement. b. Que. 5. Write down the journal entries for the following transaction in the books of a seller and in the books of a buyer: (1+1)= 2 Transaction: The seller granted the buyer $1,100 allowance for damaged goods that the buyer agreed to keep. Scanned with CamScanner A Not secure Ims.uiu.ac.bd/course/view.php?id=989#section-1 DIO elins Course search elearning Management System Prepare a schedule of cost of goods sold. b. Prepare a multistep income statement. a Que. 5. Write down the journal entries for the following transaction in the books of a seller and in the books of a buyer: (1+1)=2 Transaction: The seller granted the buyer $1,100 allowance for damaged goods that the buyer agreed to keep Que. 6. Write down two points (in sentence form) that will make difference between the income Statement of a Service Company and the Income Statement a Merchandizing Company. (1+1)=2 15 of 16 Stay in touch UIU CITS