Crystal Lake Corporations accounting records show the following at yearend December 31, 2012 Purchase Discounts $ 5,900 Beginning Inventory $31,720 Freight in 8,400 Ending Inventory 27,950 Freight out 11,100 Purchase Returns 3,600 Purchases 162,500 Assuming that Crystal Lake Corporation uses the pe...

a Cost of goods purchased 161400 Purchases Purchas ...

Crystal Lake Corporations accounting records show the following at yearend December 31, 2012: Purchase Discounts .... $

Question:

Crystal Lake Corporation’s accounting records show the following at yearend December 31, 2012:

Purchase Discounts .... $ 5,900
Beginning Inventory .... $31,720
Freight-in .......... 8,400
..... 27,950
Freight-out ......... 11,100
Purchase Returns ....... 3,600
Purchases ........ 162,500

Assuming that Crystal Lake uses the periodic system, compute
(a) Cost of goods purchased and
(b) Cost of goods sold.

Ending Inventory
The ending inventory is the amount of inventory that a business is required to present on its balance sheet. It can be calculated using the ending inventory formula Ending Inventory Formula =... Corporation
A Corporation is a legal form of business that is separate from its owner. In other words, a corporation is a business or organization formed by a group of people, and its right and liabilities separate from those of the individuals involved. It may...