The following information was taken from the financial records of Thornhill Public House, owned by Marcus Redmond at its year end of May 31, 2021. The company uses the periodic inventory system and combines its beverage and food inventory in a single account. 

Freight-In       $1,140 

Interest Expense     $2,840 

Inventory, June 1, 2020        $160,900 

Inventory, May 31, 2021       $127,370 

Purchase Returns and Allowances  $10,730 

Purchases          $105,170 

Rent Expense     $30,000 

Salaries & Wages Expense   $43,750 

Sales Discounts     $9,800 

Sales Revenue       $256,250 

Required 

Calculate the Cost of Sales. Do not use negative signs.

Answer rating: 100% (QA)

To calculate the Cost of Sales you can use the following formula Cost of Sales Beginning Inv... View the full answer