solve 8,9 ex.

Exercise 8 Based on the following data, determine the cost of merchandise sold for November Merchandise inventory, Novembe Merchandise inventory, November 30 Purchases Purchases returns and allowances Purchases discounts Freight in 28,000 31,500 475,000 15,000 9,000 7,000 r 1 Exercise 9 On February 28, 2014, the balances of the accounts appearing in the ledger of Foldaway Furnishings Company, a furniture wholesaler, are as follows: Accumulated Depreciation Building Building Administrative Expenses Cash Cost of Merchandise Sold Merchandise Inventory Sales Returns and Allowances Lonnie Clemente, Capital Lonnie Clemente, Drawing 150,000 Notes Payable Salaries Payable 6,000 Office Supplies Sales Sales Discounts 25,000 Selling Expenses 300,000 Store Supplies Interest Expese 29,000 $ 400,000 1,130,000 290,000 97,000 1,641,000 260,000 90,000 591,000 50,000 20,000 2,850,000 65,000 Prepare a multiple-step income statement for the year ended February 28, 2014