The Following Accounts and Their Current Balances Appear in the Ledger

Essay

The following accounts and their current balances appear in the ledger of Cerelat Co. at the end of its fiscal year, June 30. Cerelat uses a periodic inventory system.
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-A physical inventory at the end of June was $882,000. Estimated Returns Inventory is expected to increase to $16,500. Prepare a multiple-step income statement for Cerelat Co. showing how cost of goods sold was calculated for the year ended June 30.