> Using the following information, prepare the Cost of Goods Sold section of an income statement. Purchases Discounts Merchandise Inventory, December 31 Purchases Merchandise Inventory, January 1 Purchases Returns and Allowances Freight In Merchandise Inventory, Jan. 1, 20-- Purchases Less: Purchases Returns and Allowances Less: Purchases Discounts Net Purchases Add Freight In Delivered Cost of Purchases Cost of Goods Available for Sale Less Merchandise Inventory, Dec. 31, 20-- Cost of Goods Sold $8,500 189,000 476,000 185,000 9,000 12,000 Income Statement (Partial) 9,000 8,500 12,000 X 12,000 X 12,000 X 12,000 189,000 X 12,000 X 12,000 X 189,000 12,000 X

Using the following information, prepare the Cost of Goods Sold section of an income statement. Inceme statement (Partial)