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
$27,800
Merchandise Inventory, June 30, 2021
$15,900
Purchases
$38,200
Purchases Returns & Allowances
$1,500
Purchases Discount
$1,000
Freight In
$300
Sales Revenue
$124,600
Sales Returns & Allowances
$3,400
Sales Discounts
$900
Common Stock
$503,600
Retained Earnings
$316,600
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 27,800 Purchases 38,200 Subcategory,Less: Purchases Returns & Allowances -1,500 Purchases Discount -1,000 Plus: Freight In 300Single line Single line Net Purchases Single line36,000Single line Goods Available for Sale Single line63,800 Less: Ending Merchandise Inventory -15,900Single line Cost of Goods Sold Single line47,900Double line