Z Wholesale Company began the year with merchandise inventory of $7,000. During the year, Z purchased...

Transcribed Image Text:

Z Wholesale Company began the year with merchandise inventory of $7,000. During the year, Z purchased $92,000 of goods and returned $6,200 due to damage. Z also paid freight charges of $1,400 on inventory purchases. At year-end, Z's ending merchandise inventory balance stood at $17,100. Assume that Z uses the periodic inventory system. Compute Z's cost of goods sold for the year. Less: Plus: Less: Cost of Goo Beginning Merchandise Inventory Cost of Goods Available for Sale Cost of Goods Sold Ending Merchandise Inventory Freight In Net Cost of Purchases Net Purchases Purchase Discounts Purchase Returns and Allowances Purchases Z Wholesale Company began the year with merchandise inventory of $7,000. During the year, Z purchased $92,000 of goods and returned $6,200 due to damage. Z also paid freight charges of $1,400 on inventory purchases. At year-end, Z's ending merchandise inventory balance stood at $17,100. Assume that Z uses the periodic inventory system. Compute Z's cost of goods sold for the year. Less: Plus: Less: Cost of Goo Beginning Merchandise Inventory Cost of Goods Available for Sale Cost of Goods Sold Ending Merchandise Inventory Freight In Net Cost of Purchases Net Purchases Purchase Discounts Purchase Returns and Allowances Purchases

Answer rating: 100% (QA)

Calculate cost of goods sold Beginning merchandise invento... View the full answer