TEST Capters 14 &1 the cost of goods sold section of the income statement for 1 Uee the following information to prepare BethJewel. $41,000 Beginning merchandise inventory 34,000 52,000 4.700 1,300 900 Ending merchandise inventbry Purchases retums and allowances Purchases discounts Freight-in Cost of Goods Sold Merchandise inventory, January l Purchases Less: Purchases returns and allowances Purchases discounts Net purchases Add freight-in Cost of goods purchased Goods available for sale Less: Merchandise inventory, December 3 I Cost of goods sold