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
$26,000
Merchandise Inventory, June 30, 2021
$16,600
Purchases
$37,300
Purchases Returns & Allowances
$2,100
Purchases Discount
$900
Freight In
$500
Sales Revenue
$128,700
Sales Returns & Allowances
$3,500
Sales Discounts
$1,100
Common Stock
$537,300
Retained Earnings
$331,500
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 26,000 Purchases 37,300 Subcategory,Less: Purchases Returns & Allowances -2,100 Purchases Discount -900 Plus: Freight In 500Single line Single line Net Purchases Single line34,800Single line Goods Available for Sale Single line60,800 Less: Ending Merchandise Inventory -16,600Single line Cost of Goods Sold Single line44,200Double line