Match where each of these items would appear on a multiple-step income statement
Sales returns and allowances 1
Depreciation expense 4
Cost of goods sold 3
Gain on sale of equipment 2
Holmes Company sold goods with a total selling price of $800,000 during
the year. It purchased goods for $380,000 and had beginning inventory
of $70,000. A count of its ending inventory determined that goods on
hand was $50,000. What was its cost of goods sold?
