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
$27,500
Merchandise Inventory, June 30, 2021
$12,200
Purchases
$44,100
Purchases Returns & Allowances
$2,300
Purchases Discount
$1,000
Freight In
$500
Sales Revenue
$129,300
Sales Returns & Allowances
$3,200
Sales Discounts
$1,000
Common Stock
$489,500
Retained Earnings
$314,700
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 27,500 Purchases 44,100 Subcategory,Less: Purchases Returns & Allowances -2,300 Purchases Discount -1,000 Plus: Freight In 500Single line Single line Net Purchases Single line41,300Single line Goods Available for Sale Single line68,800 Less: Ending Merchandise Inventory -12,200Single line Cost of Goods Sold Single line56,600Double line