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
$27,400
Merchandise Inventory, June 30, 2021
$15,700
Purchases
$42,400
Purchases Returns & Allowances
$1,900
Purchases Discount
$1,100
Freight In
$400
Sales Revenue
$128,500
Sales Returns & Allowances
$3,200
Sales Discounts
$900
Common Stock
$466,400
Retained Earnings
$335,000
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 27,400 Purchases 42,400 Subcategory,Less: Purchases Returns & Allowances -1,900 Purchases Discount -1,100 Plus: Freight In 400Single line Single line Net Purchases Single line39,800Single line Goods Available for Sale Single line67,200 Less: Ending Merchandise Inventory -15,700Single line Cost of Goods Sold Single line51,500Double line