Answer:
Cost of goods sold $ 152,350
Explanation:
Opening Inventory $ 19,500
Purchases $ 156,000
Freight in $ 4,350
Purchase Returns <u>$ ( 3,000)</u>
Net Purchases <u> $ 157,350</u>
Cost of goods available $ 176,850
Less: Ending Inventory <u> $ ( 24,500) </u>
Cost of goods sold $ 152,350
The sales, sales returns and allowances and freight out are related to the total sales revenue and are thus not considered in the cost of goods sold.