Hello, I'm new to this site. I have a homework question that I am confused about. I was wondering if someone could possibly help me with it.

The question asks to find the beginning and ending balance of the cost of goods sold on the multi-step income statement for each fiscal year and i'm not sure how I would find that.

morgaine300

That's a really weird question. There's no such thing as a beginning balance for that accounts. It's an expense account, and expense accounts "close out" to zero at the end of each year, and therefore start over again at zero. So I don't see how you could possibly find it.

And anything found on an income statement should be an ending balance. If they literally mean "find" it -- it's under the net sales. If they mean to calculate it... um, are you doing perpetual method?