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
$21,400
Merchandise Inventory, June 30, 2021
$11,300
Purchases
$39,100
Purchases Returns & Allowances
$2,200
Purchases Discount
$1,300
Freight In
$200
Sales Revenue
$126,500
Sales Returns & Allowances
$3,600
Sales Discounts
$1,200
Common Stock
$546,700
Retained Earnings
$339,900
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 21,400 Purchases 39,100 Subcategory,Less: Purchases Returns & Allowances -2,200 Purchases Discount -1,300 Plus: Freight In 200Single line Single line Net Purchases Single line35,800Single line Goods Available for Sale Single line57,200 Less: Ending Merchandise Inventory -11,300Single line Cost of Goods Sold Single line45,900Double line