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
$22,300
Merchandise Inventory, June 30, 2021
$14,600
Purchases
$40,200
Purchases Returns & Allowances
$1,700
Purchases Discount
$1,300
Freight In
$400
Sales Revenue
$122,500
Sales Returns & Allowances
$3,000
Sales Discounts
$1,100
Common Stock
$529,500
Retained Earnings
$327,400
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 22,300 Purchases 40,200 Subcategory,Less: Purchases Returns & Allowances -1,700 Purchases Discount -1,300 Plus: Freight In 400Single line Single line Net Purchases Single line37,600Single line Goods Available for Sale Single line59,900 Less: Ending Merchandise Inventory -14,600Single line Cost of Goods Sold Single line45,300Double line