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
$24,800
Merchandise Inventory, June 30, 2021
$10,100
Purchases
$37,300
Purchases Returns & Allowances
$2,300
Purchases Discount
$800
Freight In
$500
Sales Revenue
$123,000
Sales Returns & Allowances
$4,000
Sales Discounts
$800
Common Stock
$483,100
Retained Earnings
$328,800
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 24,800 Purchases 37,300 Subcategory,Less: Purchases Returns & Allowances -2,300 Purchases Discount -800 Plus: Freight In 500Single line Single line Net Purchases Single line34,700Single line Goods Available for Sale Single line59,500 Less: Ending Merchandise Inventory -10,100Single line Cost of Goods Sold Single line49,400Double line