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
$24,200
Merchandise Inventory, June 30, 2021
$11,000
Purchases
$39,500
Purchases Returns & Allowances
$2,500
Purchases Discount
$900
Freight In
$400
Sales Revenue
$124,400
Sales Returns & Allowances
$3,100
Sales Discounts
$1,000
Common Stock
$531,300
Retained Earnings
$308,600
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 24,200 Purchases 39,500 Subcategory,Less: Purchases Returns & Allowances -2,500 Purchases Discount -900 Plus: Freight In 400Single line Single line Net Purchases Single line36,500Single line Goods Available for Sale Single line60,700 Less: Ending Merchandise Inventory -11,000Single line Cost of Goods Sold Single line49,700Double line