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
$22,500
Merchandise Inventory, June 30, 2021
$15,700
Purchases
$44,700
Purchases Returns & Allowances
$2,000
Purchases Discount
$1,200
Freight In
$200
Sales Revenue
$120,300
Sales Returns & Allowances
$3,200
Sales Discounts
$900
Common Stock
$496,200
Retained Earnings
$326,400
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 22,500 Purchases 44,700 Subcategory,Less: Purchases Returns & Allowances -2,000 Purchases Discount -1,200 Plus: Freight In 200Single line Single line Net Purchases Single line41,700Single line Goods Available for Sale Single line64,200 Less: Ending Merchandise Inventory -15,700Single line Cost of Goods Sold Single line48,500Double line