ACC 301 - Cost of Goods Prince Company's accounting records show the following at year end. Purchases 152,600 Purchase discounts 5,742 Beginning inventory Ending inventory Freight-in Freight-out 37,950 21,720 7,110 9,455 Purchase returns & allowances 2,990 1. Compute cost of goods sold. Label each amount. Show amounts for net purchases, cost of goods available for sale, and cost of goods sold. 2. Since the company uses a periodic inventory system, they do not have a balance in their cost of goods sold account, and the inventory account has the amount of the beginning inventory in it. Make a journal entry to record cost of goods sold, replaces the beginning inventory with the ending company and closes out the temporary accounts used to accumulate purchases, purchase returns and freight in.

ACC 301 - Cost of Goods Prince Company's accounting records show the followina at vear and 1. Compute cost of goods sold. Label each amount. Show amounts for net purchases, cost of goods available for sale, and cost of goods sold. 2. Since the company uses a periodic inventory system, they do not have a balance in their cost of goods sold account, and the inventory account has the amount of the beginning inventory in it. Make a journal entry to record cost of goods sold, replaces the beginning inventory with the ending company and closes out the temporary accounts used to accumulate purchases, purchase returns and freight in