Periodic Inventory System

Raynolde Company uses a periodic inventory system. At the end of 2016, the following information is available:

Purchase returns and allowances		$ 1,400
Inventory, 12/31/2016		11,900
Purchases		21,200
Inventory, 1/1/2016		10,800
Purchases discounts		600

Required:

Prepare a schedule to compute Raynolde Company's cost of goods sold for 2016.

RAYNOLDE COMPANY
Cost of Goods Sold Schedule
For the Year Ended December 31, 2016
Inventory, 1/1/2016	$
Purchases
Purchases returns and allowances
Purchases discounts
Cost of goods available for sale	$
Less: Inventory, 12/31/2016
Cost of goods sold	$