Wholesale Company began the year with merchandise inventory of $ 8 comma 000. During the year, Upper S purchased $ 96 comma 000 of goods and returned $ 6 comma 200 due to damage. Upper S also paid freight charges of $ 1 comma 100 on inventory purchases. At year-end, Upper S's ending merchandise inventory balance stood at $ 17 comma 300. Assume that Upper S uses the periodic inventory system. Compute Upper S's cost of goods sold for the year

The answer is given as below;

Explanation:

Opening inventory                  $8,000

Purchases                              $96,000

Less: return outwards             ($6,200)

Add; Freight in                            $1,100

Less: Closing Inventory            ($17,300)

Cost of Goods Sold                   $81,600

Refer below for the explanation.

Explanation:

Inventory                8,000

Purchases                            96,000

Less: return        6,200

Add Freight                       1,100

Less: Closing      17,300

COGS.              81,600

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