ABC Company’s accounting records show the following at the year-end December 31, 2022. Purchase Discounts $ ...
ABC Company’s accounting records show the following at the year-end December 31, 2022.
| Purchase Discounts | $ 3,400 | Freight-In | $ 6,100 |
| Purchases | 162,500 | Beginning Inventory | 18,000 |
| Ending Inventory | 20,000 | Purchase Returns and Allowances | 5,200 |
Assuming that ABC Company uses the periodic system, compute cost of goods sold.
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Homework Answers
Cost of goods sold =
Beginning inventory + Purchases - closing inventory
Purchase cost =
Purchases - Purchase discount + Freight in - Purchases return & allowances
= 162,500 - 3,400 + 6,100 - 5,200
= $ 160,000
beginning inventory = 18,000
Ending inventory = 20,000
Cost of goods sold =
Beginning inventory + purchases - ending inventory
= 18,000 + 160,000 - 20,000
= $ 158,000
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