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Joes Bait and Tackle shop uses a periodic FIFO inventory system. A physical inventory count at the end of the year shows a $34,000 inventory
Joes Bait and Tackle shop uses a periodic FIFO inventory system. A physical inventory count at the end of the year shows a $34,000 inventory total. Using the following information from Joes inventory account ledger, calculate the Cost of Goods Sold for the year ended 12/31/X8:
Inventory:
Beginning Balance $29,000
Purchases $293,000
Freight-In $14,000
Freight-Out $12,000
Purchase Returns $14,000
Purchase Discounts $4,000
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