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
$24,400
Merchandise Inventory, June 30, 2021
$10,700
Purchases
$40,500
Purchases Returns & Allowances
$1,800
Purchases Discount
$800
Freight In
$300
Sales Revenue
$120,800
Sales Returns & Allowances
$3,600
Sales Discounts
$1,100
Common Stock
$496,600
Retained Earnings
$337,300
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 24,400 Purchases 40,500 Subcategory,Less: Purchases Returns & Allowances -1,800 Purchases Discount -800 Plus: Freight In 300Single line Single line Net Purchases Single line38,200Single line Goods Available for Sale Single line62,600 Less: Ending Merchandise Inventory -10,700Single line Cost of Goods Sold Single line51,900Double line