(L. OBJ. 5) Computing cost of goods sold in a periodic inventory system [5 min]
T Wholesale Company began the year with inventory of $8,000. During the year, T purchased $90,000 of goods and returned $6,000 due to damage. T also paid freight charges of $1,000 on inventory purchases. At year-end T’s adjusted inventory balance stood at $11,000. f uses the periodic inventory system.
Requirement
1. Compute T’s cost of goods sold for the year.
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