Try another version of this question Y-Company uses the periodic inventory system. Y-Company reported the following amounts at June 30, 2021. Compute the cost of goods sold for the year.
Account
Value
Merchandise Inventory, July 1, 2020
$25,200
Merchandise Inventory, June 30, 2021
$14,500
Purchases
$35,800
Purchases Returns & Allowances
$1,600
Purchases Discount
$900
Freight In
$200
Sales Revenue
$125,500
Sales Returns & Allowances
$3,500
Sales Discounts
$1,300
Common Stock
$488,600
Retained Earnings
$332,700
Description Amount Total Subcategory,Less: Single line Single line Net Purchases Single lineSingle line Goods Available for Sale Single line Single line Cost of Goods Sold Single lineDouble line Description Amount Total Beginning Merchandise Inventory 25,200 Purchases 35,800 Subcategory,Less: Purchases Returns & Allowances -1,600 Purchases Discount -900 Plus: Freight In 200Single line Single line Net Purchases Single line33,500Single line Goods Available for Sale Single line58,700 Less: Ending Merchandise Inventory -14,500Single line Cost of Goods Sold Single line44,200Double line