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Simpsons Company's accounting records show the following account balances: Beginning Inventory $ 50,000 Ending Inventory 20,000 Freight-In 14,500 Freight-Out 20,000 Purchases 244,000 Purchase Returns and Allowances 7,400 Purchase Discounts 8,000 The company uses the periodic inventory system. Based on the information above compute cost of goods sold.

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Answer:

Beginning inventory    50,000

Add: Purchases           244,000

                                     294,000

Add: Freight-in              14,500

                                      308,500

Less: Purchases return 7,400

                                       301,100

Less: Ending inventory 20,000  

Cost of goods sold          281,100  

               

Explanation:

Cost of goods sold is calculated beginning inventory  plus purchases  plus freight-in minus purchases return minus ending inventory.

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