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
$25,900
Merchandise Inventory, June 30, 2021
$14,500
Purchases
$39,600
Purchases Returns & Allowances
$1,500
Purchases Discount
$800
Freight In
$400
Sales Revenue
$122,300
Sales Returns & Allowances
$3,200
Sales Discounts
$1,100
Common Stock
$504,500
Retained Earnings
$313,300
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 25,900 Purchases 39,600 Subcategory,Less: Purchases Returns & Allowances -1,500 Purchases Discount -800 Plus: Freight In 400Single line Single line Net Purchases Single line37,700Single line Goods Available for Sale Single line63,600 Less: Ending Merchandise Inventory -14,500Single line Cost of Goods Sold Single line49,100Double line