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
$23,500
Merchandise Inventory, June 30, 2021
$14,400
Purchases
$44,300
Purchases Returns & Allowances
$1,800
Purchases Discount
$1,000
Freight In
$500
Sales Revenue
$124,700
Sales Returns & Allowances
$3,200
Sales Discounts
$1,000
Common Stock
$467,800
Retained Earnings
$321,300
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 23,500 Purchases 44,300 Subcategory,Less: Purchases Returns & Allowances -1,800 Purchases Discount -1,000 Plus: Freight In 500Single line Single line Net Purchases Single line42,000Single line Goods Available for Sale Single line65,500 Less: Ending Merchandise Inventory -14,400Single line Cost of Goods Sold Single line51,100Double line