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
$23,400
Merchandise Inventory, June 30, 2021
$15,300
Purchases
$45,000
Purchases Returns & Allowances
$1,800
Purchases Discount
$700
Freight In
$200
Sales Revenue
$128,400
Sales Returns & Allowances
$3,400
Sales Discounts
$1,200
Common Stock
$541,800
Retained Earnings
$324,500
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 23,400 Purchases 45,000 Subcategory,Less: Purchases Returns & Allowances -1,800 Purchases Discount -700 Plus: Freight In 200Single line Single line Net Purchases Single line42,700Single line Goods Available for Sale Single line66,100 Less: Ending Merchandise Inventory -15,300Single line Cost of Goods Sold Single line50,800Double line