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Y Wholesale Company began the year with merchandise inventory of $13.000. During the year. Y purchased $98,000 of goods, had purchase discounts of $250, and returned $6,500 due to damage. Y also paid freight charges of $1,500 on inventory purchases. At year-end, Y's ending merchandise inventory balance stood at $16,800. Assume that Y uses the periodic inventory system Compute Y's cost of goods sold for the year Less: Plus Less Cost of Goods Sold

Y Wholesale Company began the year with merchandise inventory of $13.000. During the year. Y purchased $98,000 of goods, had purchase discounts of $250, and returned $6,500 due to damage. Y also paid freight charges of $1,500 on inventory purchases. At year-end, Y's ending merchandise inventory balance stood at $16,800. Assume that Y uses the periodic inventory system Compute Y's cost of goods sold for the year Less: Plus Less Cost of Goods Sold

FINANCIAL ACCOUNTING
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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Y Wholesale Company began the year with merchandise inventory of $13,000. During the year. Y purchased $98,000 of goods, had purchase discounts of $250, and returned $6,500 due to damage. Y also paid freight charges of $1,500 on inventory purchases. At year-end, Y's ending merchandise inventory balance stood at $16,800. Assume that Y uses the periodic inventory system. Compute Y's cost of goods sold for the year. Less: Plus Less: Cost of Goods Sold
Transcribed Image Text:Y Wholesale Company began the year with merchandise inventory of $13,000. During the year. Y purchased $98,000 of goods, had purchase discounts of $250, and returned $6,500 due to damage. Y also paid freight charges of $1,500 on inventory purchases. At year-end, Y's ending merchandise inventory balance stood at $16,800. Assume that Y uses the periodic inventory system. Compute Y's cost of goods sold for the year. Less: Plus Less: Cost of Goods Sold
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