Question: Using the data set below relating to the periodic inventory system, how much is cost of goods sold for April? Assume all available discounts are

Using the data set below relating to the periodic inventory system, how much is cost of goods sold for April? Assume all available discounts are taken and no specific cost flow method is assumed.

1 April Beginning Inventory 40,000

2 April Sales on Account 90,000

6 April Inventory Purchases 2/20, n/30 20,000

10 April Inventory returns 4,000

16 April Freight Paid 1,000

25 April Inventory paid for on account 4-6 purchases 15,000

30 April Actual Inventory count 25,000

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