Question

Exercise 5-12 Your answer is partially correct. Try again. The trial balance of Wildhorse Co. at the end of its fiscal year, August 31, 2017, includes these accounts: Beginning Inventory $23,090; Purchases $220,970; Sales Revenue $189,200; Freight-In $9,140; Sales Returns and Allowances $4,630; Freight-Out $1,230; and Purchase Returns and Allowances $7,820. The ending inventory is $21,600. Prepare a cost of goods sold section (periodic system) for the year ending August 31, 2017. WILDHORSE CO. Income Statement choose the accounting period For the Year Ended August 31, 2017August 31, 2017For the Month Ended August 31, 2017 select an income statement item Cost of Goods Available for SaleCost of Goods PurchasedCost of Goods SoldDividendsExpensesInventory, September 1, 2016Inventory, August 31, 2017Net Income / (Loss)Net PurchasesRetained Earnings, September 1, 2016Retained Earnings, August 31, 2017RevenuesTotal ExpensesTotal Revenues $enter a dollar amount enter an opening name for subsection one $enter a dollar amount select between addition and deduction AddLess : enter an income statement item enter a dollar amount select a closing name for subsection one Cost of Goods Available for SaleCost of Goods PurchasedCost of Goods SoldDividendsExpensesInventory, September 1, 2016Inventory, August 31, 2017Net Income / (Loss)Net PurchasesRetained Earnings, September 1, 2016Retained Earnings, August 31, 2017RevenuesTotal ExpensesTotal Revenues enter a total amount for subsection one select between addition and deduction AddLess : enter an income statement item enter a dollar amount select an income statement item Cost of Goods Available for SaleCost of Goods PurchasedCost of Goods SoldDividendsExpensesInventory, September 1, 2016Inventory, August 31, 2017Net Income / (Loss)Net PurchasesRetained Earnings, September 1, 2016Retained Earnings, August 31, 2017RevenuesTotal ExpensesTotal Revenues enter a total of the two previous amounts select a summarizing line for this part of the income statement Cost of Goods Available for SaleCost of Goods PurchasedCost of Goods SoldDividendsExpensesInventory, September 1, 2016Inventory, August 31, 2017Net Income / (Loss)Net PurchasesRetained Earnings, September 1, 2016Retained Earnings, August 31, 2017RevenuesTotal ExpensesTotal Revenues enter a subtotal amount for this part of the statement select an income statement item Cost of Goods Available for SaleCost of Goods PurchasedCost of Goods SoldDividendsExpensesInventory, September 1, 2016Inventory, August 31, 2017Net Income / (Loss)Net PurchasesRetained Earnings, September 1, 2016Retained Earnings, August 31, 2017RevenuesTotal ExpensesTotal Revenues enter a dollar amount select a closing section name Cost of Goods Available for SaleCost of Goods PurchasedCost of Goods SoldDividendsExpensesInventory, September 1, 2016Inventory, August 31, 2017Net Income / (Loss)Net PurchasesRetained Earnings, September 1, 2016Retained Earnings, August 31, 2017RevenuesTotal ExpensesTotal Revenues $enter a total amount for this section LINK TO TEXT

Answer 1

Prepare a cost of goods sold section (periodic system) for the year ending August 31, 2017.

WILDHORSE CO. Income Statement For the Year Ended August 31, 2017
Beginning inventory		$23090
Purchase	220970
Less: Purchase return and allowance	-7820
Net purchase	213150
Add: Freight in	9140
Cost of purchase		222290
Cost of goods available for sale		245380
Less: Ending inventory		-21600
Cost of goods sold		223780