The trial balance of Sheridan Company at the end of its fiscal year, August 31, 2017, includes these accounts:

Beginning Inventory $23,570;

Purchases $224,020;

Sales Revenue $185,200;

Freight-In $9,770;

Sales Returns and Allowances $4,400;

Freight-Out $2,330;

Purchase Returns and Allowances $5,460.

The ending inventory is $22,700.

Prepare a cost of goods sold section (periodic system) for the year ending August 31, 2017.

The answer is $229,200

Explanation:

Cost of sales equals:

Beginning inventory plus purchases minus ending inventory.

Beginning inventory is $23,570

Purchases(net Purchase) is

Purchases $224,020

Add: Freight-In. $9,770

Minus: Purchase Returns. and Allowances. ($5,460)

Net Purchase:. $228,330

ending inventory is $22,700.

Therefore, cost of goods sold is:

$23,570 + $228,330 - $22,700

=$229,200

the correct answer is economics is a game without winners or losers.

unlike sports or games economic is a game without losers or winner rather it is a game where everyone wins. parties of business doing businesses exchange money with each other and hence exchange is done on the basis of goods. one party takes the goods and other sales it so there is winner on both sides. each party values more highly the good it gets than the good it gives up. both sides exchange only because both intend to increase their value. so there is no concept of lose or win.

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