Below is the cost of goods sold sections for the two most recent years for two companies using a periodic inventory system:

Instructions
Fill in the missing amounts to complete the cost of goods sold sections.

Transcribed Image Text:

Company1 Company2 Year 1 $ 250 1,500 Year 2 s (e) Year 1 Year 2 $ (n) 9,550 Beginning inventor)y Purchases Purchase returns and allowances Purchase discounts Net purchases Freight in Cost of goods purchased Cost of goods available for sale Ending inventory Cost of goods sold $1,000 100 150 100 7,210 7,900 I ,450 1,850 110 550 1,250 1,480