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
$26,500
Merchandise Inventory, June 30, 2021
$12,200
Purchases
$36,900
Purchases Returns & Allowances
$2,200
Purchases Discount
$900
Freight In
$500
Sales Revenue
$128,500
Sales Returns & Allowances
$3,300
Sales Discounts
$800
Common Stock
$527,200
Retained Earnings
$353,100
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 26,500 Purchases 36,900 Subcategory,Less: Purchases Returns & Allowances -2,200 Purchases Discount -900 Plus: Freight In 500Single line Single line Net Purchases Single line34,300Single line Goods Available for Sale Single line60,800 Less: Ending Merchandise Inventory -12,200Single line Cost of Goods Sold Single line48,600Double line