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
$22,400
Merchandise Inventory, June 30, 2021
$16,700
Purchases
$38,600
Purchases Returns & Allowances
$1,800
Purchases Discount
$1,300
Freight In
$200
Sales Revenue
$123,900
Sales Returns & Allowances
$3,700
Sales Discounts
$1,200
Common Stock
$534,400
Retained Earnings
$328,000
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 22,400 Purchases 38,600 Subcategory,Less: Purchases Returns & Allowances -1,800 Purchases Discount -1,300 Plus: Freight In 200Single line Single line Net Purchases Single line35,700Single line Goods Available for Sale Single line58,100 Less: Ending Merchandise Inventory -16,700Single line Cost of Goods Sold Single line41,400Double line