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Upper MM Wholesale Company began the year with merchandise inventory of $ 9 comma 000$9,000. During the year, Upper MM purchased $ 95 comma 000$95,000
Upper MM
Wholesale Company began the year with merchandise inventory of
$ 9 comma 000$9,000.
During the year,
Upper MM
purchased
$ 95 comma 000$95,000
of goods and returned
$ 6 comma 600$6,600
due to damage.
Upper MM
also paid freight charges of
$ 1 comma 500$1,500
on inventory purchases. At year-end,
Upper MM's
ending merchandise inventory balance stood at
$ 17 comma 400$17,400.
Assume that
Upper MM
uses the periodic inventory system. Compute
Upper MM's
cost of goods sold for the year.
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Cost of Goods Sold |
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