Periodic Inventory System

Raynolde Company uses a periodic inventory system. At the end of the year, the following information is available:

Purchase returns and allowances		$1,500
Inventory, 12/31		12,000
Purchases		20,000
Inventory, 1/1		11,000
Purchases discounts		600

Required:

Prepare a schedule to compute Raynolde's cost of goods sold.

RAYNOLDE COMPANY
Cost of Goods Sold Schedule
For the Year Ended December 31, Current Year
Inventory, 1/1	$fill in the blank 2
Purchases	fill in the blank 4
Purchases returns and allowances	fill in the blank 6
Purchases discounts	fill in the blank 8
Cost of goods available for sale	$fill in the blank 10
Less: Inventory, 12/31	fill in the blank 12
Cost of goods sold	$fill in the blank 14