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
$28,800
Merchandise Inventory, June 30, 2021
$14,600
Purchases
$43,400
Purchases Returns & Allowances
$2,100
Purchases Discount
$700
Freight In
$300
Sales Revenue
$120,100
Sales Returns & Allowances
$3,100
Sales Discounts
$1,100
Common Stock
$523,200
Retained Earnings
$312,000
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 28,800 Purchases 43,400 Subcategory,Less: Purchases Returns & Allowances -2,100 Purchases Discount -700 Plus: Freight In 300Single line Single line Net Purchases Single line40,900Single line Goods Available for Sale Single line69,700 Less: Ending Merchandise Inventory -14,600Single line Cost of Goods Sold Single line55,100Double line