The following data were extracted from the accounting records of Harkins Company for the year ended April 30, 2018: Estimated returns of current year sales $ 11,600 Inventory, May 1, 2017 380,000 Inventory, April 30, 2018 415,000 Purchases 3,800,000 Purchases returns and allowances 150,000 Purchases discounts 80,000 Sales 5,850,000 Freight in 16,600 A. Prepare the cost of goods sold section of the income statement for the year ended April 30, 2018, using the periodic inventory system. Be sure to complete the statement heading. Refer to the information given in the exercise and to the list of Accounts, Labels, and Amount Descriptions provided for the exact wording of the answer choices for text entries. Colons (:) will fill in where needed. Negative amount should be indicated by the minus sign.

Accounts Accounts payable Customer refunds payable Delivery expense Freight in Purchases Purchases discounts Purchases returns and allowances Sales Supplies expense Labels April 30, 2018 For the Year Ended April 30, 2018 Operating expenses Cost of merchandise purchased Amount Descriptions Cost of goods sold Cost of goods sold before estimated returns Estimated returns Expenses Gross profit Inventory, April 30, 2018 Inventory, May 1, 2017 Inventory available for sale Net income Net purchases Revenues Total cost of merchandise purchased

(Please note the cells filled with red dots are the only ones to be populated with the data)

Cost of Goods Sold Shaded cells have feedback A. Prepare the cost of goods sold section of the income statement for the year ended April 30, 2018, using the periodic inventory system. Be sure to complete the statement heading. Refer to the information given in the exercise and to the list of Accounts, Labels, and Amount Descriptions provided for the exact wording of the answer choices for text entries. Colons :) will fill in where needed. Negative amount should be indicated by the minus sign. Harkins Company Score: 8/106 Schedule of Cost of Goods Sold For the Year Ended April 30, 2018 1 2 (Label) 3 4 5 7 9 10 11 12 Cost of goods sold Points: 1.81 / 24 Feedback Check My Work The cost of merchandise sold section includes the beginning inventory, plus net purchases, plus freight in, and less the ending inventory. Use Exhibit 17 as an illustration