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
$24,100
Merchandise Inventory, June 30, 2021
$16,400
Purchases
$38,000
Purchases Returns & Allowances
$2,100
Purchases Discount
$1,200
Freight In
$300
Sales Revenue
$122,500
Sales Returns & Allowances
$3,700
Sales Discounts
$1,000
Common Stock
$522,900
Retained Earnings
$346,400
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 24,100 Purchases 38,000 Subcategory,Less: Purchases Returns & Allowances -2,100 Purchases Discount -1,200 Plus: Freight In 300Single line Single line Net Purchases Single line35,000Single line Goods Available for Sale Single line59,100 Less: Ending Merchandise Inventory -16,400Single line Cost of Goods Sold Single line42,700Double line