The trial balance of Pina Colada Corp. at the end of its fiscal year, August 31, 2022, includes these accounts:
Beginning Inventory $18,930;
Purchases $230,920;
Sales Revenue $205,600;
Freight-In $8,490;
Sales Returns and Allowances $4,650;
Freight-Out $2,100; and Purchase Returns and Allowances $5,030.
The ending inventory is $20,700.
Required:
1. Prepare a cost of goods sold section (periodic system) for the year ending August 31, 2017.

Cost of Goods Sold                                       $237640

Explanation:

Pina Colada Corp.

The Cost OF Goods Sold Statement

August 31, 2022

Beginning Inventory                                                             $18,930;

Add Cost of goods Purchased                                             $230,920;

Add  Freight-In                                                                        $8,490

Cost of Goods Available for Sale                                          258340

Less Ending Inventory                                                            $20,700

Cost of Goods Sold                                                              $237640

By updating merchandising inventory and closing Purchases and Freight in the periodic system transfers the cost of goods sold amount to income summary.

answer; /// the use of a bank credit card to make purchase;