Given the Following Information,prepare in Good Form the Cost of Goods

question 61

Essay

Given the following information,prepare in good form the cost of goods sold section of an income statement for 2010.
$$\begin{array} { l r } \text { Freight-In } & \$ 24,000 \\\text { Merchandise Inventory. December 31, 2009 } & 90,000 \\\text { Merchandise Inventory. December 31, 2010 } & 102,000 \\\text { Purchases } & 228,000 \\\text { Purchases Returns and Allowances } & 8,400\end{array}$$

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Definitions:

Duress

A situation where a person performs an act as a result of violence, threat, or other pressure against them, questioning the voluntariness of their actions.

Fraudulent Misrepresentations

False statements made knowingly, or without belief in their truth, or recklessly without caring for their truth, which are intended to induce another party to enter into a contract.

International Business

The exchange of goods, services, technology, capital, and/or knowledge across national borders and at a global or transnational life.

Chinese Firms

Businesses that are registered and operate out of China, under Chinese jurisdiction.