Using the following data taken from Hsu’s Imports Inc. which uses a periodic inventory system,… 1 answer below »

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Using the following data taken from Hsu's Imports Inc. which uses a periodic inventory system, prepare the cost of goods sold section of the income statement for the year ended March 31.
Inventory, April 1$193,250Inventory, March 31180,100Purchases1,079,600Purchases returns and allowances51,200Purchases discounts18,500Sales1,860,000Freight in19,250

Hsu's Imports Inc.Partial Income StatementFor the Year Ended March 31

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