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
$23,000
Merchandise Inventory, June 30, 2021
$13,800
Purchases
$35,400
Purchases Returns & Allowances
$2,000
Purchases Discount
$800
Freight In
$300
Sales Revenue
$128,100
Sales Returns & Allowances
$3,700
Sales Discounts
$900
Common Stock
$531,300
Retained Earnings
$335,800
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 23,000 Purchases 35,400 Subcategory,Less: Purchases Returns & Allowances -2,000 Purchases Discount -800 Plus: Freight In 300Single line Single line Net Purchases Single line32,900Single line Goods Available for Sale Single line55,900 Less: Ending Merchandise Inventory -13,800Single line Cost of Goods Sold Single line42,100Double line