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
$23,800
Merchandise Inventory, June 30, 2021
$13,900
Purchases
$35,500
Purchases Returns & Allowances
$1,900
Purchases Discount
$1,100
Freight In
$400
Sales Revenue
$121,600
Sales Returns & Allowances
$3,600
Sales Discounts
$900
Common Stock
$528,700
Retained Earnings
$314,600
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 23,800 Purchases 35,500 Subcategory,Less: Purchases Returns & Allowances -1,900 Purchases Discount -1,100 Plus: Freight In 400Single line Single line Net Purchases Single line32,900Single line Goods Available for Sale Single line56,700 Less: Ending Merchandise Inventory -13,900Single line Cost of Goods Sold Single line42,800Double line