Cost of Goods Sold Section, Multiple-Step Income Statement Based on the information that follows, prepare the cost of goods sold section of a multiple-step income statement.
Merchandise Inventory, January 1, 20-- $35,000
Estimated Returns Inventory, January 1, 20-- 2,000
Purchases 106,000
Purchases Returns and Allowances 5,800
Purchases Discounts 3,230
Freight-In 700
Merchandise Inventory, December 31, 20-- 29,500
Estimated Returns Inventory, December 31, 20-- 1,500
Income Statement
For Year Ended December 31, 20--
Cost of goods sold:
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Cost of goods sold $fill in the blank 26

The cutting department of cassel company has the following production and cost data for july. production costs 1. transferred out 12,300 units. beginning work in process $0 2. started 3,900 units that are 60% materials 62,856 complete as to conversion labor 12,622 costs and 100% complete as manufacturing overhead 23,100 to materials at july 31. materials are entered at the beginning of the process. conversion costs are incurred uniformly during the process. determine the equivalent units of production for (1) materials and (2) conversion costs. materials conversion costs total equivalent units of production link to text link to text compute unit costs. (round unit costs to 2 decimal places, e.g. 2.25.) materials $ conversion costs $ link to text link to text prepare a cost reconciliation schedule. (round unit costs to 2 decimal places, e.g. 2.25 and final answers to 0 decimal places, e.g. 1,225.) cost reconciliation costs accounted for transferred out $ work in process, july 31 materials $ conversion costs total costs $