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
$26,900
Merchandise Inventory, June 30, 2021
$12,500
Purchases
$40,500
Purchases Returns & Allowances
$2,500
Purchases Discount
$1,100
Freight In
$200
Sales Revenue
$120,800
Sales Returns & Allowances
$3,600
Sales Discounts
$1,200
Common Stock
$548,500
Retained Earnings
$318,700
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 26,900 Purchases 40,500 Subcategory,Less: Purchases Returns & Allowances -2,500 Purchases Discount -1,100 Plus: Freight In 200Single line Single line Net Purchases Single line37,100Single line Goods Available for Sale Single line64,000 Less: Ending Merchandise Inventory -12,500Single line Cost of Goods Sold Single line51,500Double line