Homework Answers
Cost of goods sold = Beginning inventory + Purchases - Ending inventory
Cost of goods sold = 117,500 + (1,000,050 - 28,000 - 39,000 - 32,000) - 144,000
Cost of goods sold = 874,550
Using the period systeem, the cost of good sold is:
=>Cost of good sold= Beg. Inventory - Purchase discounts+ Purchases-Purchase returns +Freight in - End. Inventory
= 117,500- 28,000+ 1,000,050- 32,000 + 39,000- 144,000= 952,550
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