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.
$$\begin{array} { l r } \text { Freight-In } & \$ 24,000 \\\text { Merchandise Inventory. December 31, 2009 } & 90,000 \\\text { Merchandise Inventory. December 31, 2010 } & 102,000 \\\text { Purchases } & 228,000 \\\text { Purchases Returns and Allowances } & 8,400\end{array}$$

Recognize the role of assessment in counseling and its broader implications.

Understand the ethical and legal standards governing psychological and educational testing.

Identify the impact of historical and modern legislation on assessment practices.

Understand the theoretical foundations of intelligence and personality assessment.

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Definitions:

Inferior Goods

Products whose demand decreases as the income of the consumer increases, contrasting with normal goods.

Substitute Goods

Products or services that can be used in place of one another, satisfying similar needs or desires.

Complementary Goods

are products or services that are used together, where the use or consumption of one increases the demand for the other.

Close-Substitute

A good or service that can easily replace another in satisfying consumer needs, with very little change in consumption patterns.