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a. Prepare schedule of cost of goods sold for Mighty Sports for January using the...

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Accounting

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a. Prepare schedule of cost of goods sold for Mighty Sports for January using the following figures: Beginning inventory: $38,900 Purchases: $18,500 Purchase returns and allowances: $600 Purchase discounts: $210 Transportation-in: $975 Ending Inventory: $36,900 b. Prepare an income statement for Mighty Sports for January using the cost of goods sold from part (a) and the following figures: Sales: $50,750 Sales returns and allowances: $1,950 Sales discounts: $150 Salaries: $6,800 Rent: \$1,975 Delivery expense: $900

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