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
$10,000
Purchases
$38,600
Purchases Returns & Allowances
$2,000
Purchases Discount
$1,000
Freight In
$500
Sales Revenue
$125,500
Sales Returns & Allowances
$3,800
Sales Discounts
$1,300
Common Stock
$464,600
Retained Earnings
$347,200
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 38,600 Subcategory,Less: Purchases Returns & Allowances -2,000 Purchases Discount -1,000 Plus: Freight In 500Single line Single line Net Purchases Single line36,100Single line Goods Available for Sale Single line64,900 Less: Ending Merchandise Inventory -10,000Single line Cost of Goods Sold Single line54,900Double line