Based upon the following data for a business with a periodic inventory system, determine the cost of goods sold for August. Inventory, August 1 $ 70,890 Inventory, August 31 91,720 Purchases 353,300 Purchases returns & allowances 17,840 Purchases discounts 10,690 Freight in 4,820

Based upon the following data for a business with a periodic inventory system, determine the cost of goods sold for August. Inventory, August 1 $ 70,890 Inventory, August 31 91,720 Purchases 353,300 Purchases returns & allowances 17,840 Purchases discounts 10,690 Freight in 4,820

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Question

Based upon the following data for a business with a periodic inventory system, determine the cost of goods sold for August.
Inventory, August 1
$ 70,890
Inventory, August 31
91,720
Purchases
353,300
Purchases returns & allowances
17,840
Purchases discounts
10,690
Freight in
4,820
Schedule of the Cost of Goods Sold
For the Month Ended August 31
Cost of merchandise purchased:
Net purchases
Total cost of merchandise purchased
%24

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