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
$10,500
Purchases
$40,200
Purchases Returns & Allowances
$2,500
Purchases Discount
$1,300
Freight In
$300
Sales Revenue
$129,600
Sales Returns & Allowances
$3,400
Sales Discounts
$900
Common Stock
$450,100
Retained Earnings
$346,700
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 24,300 Purchases 40,200 Subcategory,Less: Purchases Returns & Allowances -2,500 Purchases Discount -1,300 Plus: Freight In 300Single line Single line Net Purchases Single line36,700Single line Goods Available for Sale Single line61,000 Less: Ending Merchandise Inventory -10,500Single line Cost of Goods Sold Single line50,500Double line