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Question 9 The trial balance of Cullumber Company at the end of its fiscal year, August 31, 2017, includes these accounts: Be

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Ans. CULLUMBER   COMPANY
Income Statement
For the Year Ending August 31, 2017
Particulars Amount Amount
Beginning inventory $18,930
Purchases $230,920
Less: Purchase returns and allowances -$5,030
Net purchase $225,890
Add: Freight in $8,490
Cost of goods purchased $234,380
Cost of goods available for sale $253,310
Less: Ending inventory -$20,700
Cost of goods sold $232,610
*Cost of goods available for sale = Beginning inventory + Cost of goods purchased.
*Freight in is a direct expense, so it is also included in the calculation of cost of goods sold.
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