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
$26,700
Merchandise Inventory, June 30, 2021
$15,000
Purchases
$40,400
Purchases Returns & Allowances
$1,900
Purchases Discount
$1,100
Freight In
$500
Sales Revenue
$128,800
Sales Returns & Allowances
$3,300
Sales Discounts
$1,000
Common Stock
$514,100
Retained Earnings
$333,800
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 26,700 Purchases 40,400 Subcategory,Less: Purchases Returns & Allowances -1,900 Purchases Discount -1,100 Plus: Freight In 500Single line Single line Net Purchases Single line37,900Single line Goods Available for Sale Single line64,600 Less: Ending Merchandise Inventory -15,000Single line Cost of Goods Sold Single line49,600Double line