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
$24,300
Merchandise Inventory, June 30, 2021
$16,200
Purchases
$42,600
Purchases Returns & Allowances
$1,500
Purchases Discount
$700
Freight In
$400
Sales Revenue
$123,200
Sales Returns & Allowances
$3,200
Sales Discounts
$1,500
Common Stock
$494,400
Retained Earnings
$336,600
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 24,300 Purchases 42,600 Subcategory,Less: Purchases Returns & Allowances -1,500 Purchases Discount -700 Plus: Freight In 400Single line Single line Net Purchases Single line40,800Single line Goods Available for Sale Single line65,100 Less: Ending Merchandise Inventory -16,200Single line Cost of Goods Sold Single line48,900Double line