Sampson Company's accounting records show the following for the year ending on December 31, 2017. $$\begin{array} { l r }
\text { Purchase Discounts } & \$ 11,200 \
\text { Freight-In } & 15,600 \
\text { Purchases } & 700,020 \
\text { Beginning Inventory } & 47,000 \
\text { Ending Inventory } & 57,600 \
\text { Purchase Returns and Allowances } & 12,800
\end{array}$$ Using the periodic system, the cost of goods purchased is
A)$660,420.
B)$708,420.
C)$717,220.
D)$691,620.

Question

Sampson Company's accounting records show the following for the year ending on December 31, 2017. $$\begin{array} { l r } 
\text { Purchase Discounts } & \$ 11,200 \
\text { Freight-In } & 15,600 \
\text { Purchases } & 700,020 \
\text { Beginning Inventory } & 47,000 \
\text { Ending Inventory } & 57,600 \
\text { Purchase Returns and Allowances } & 12,800
\end{array}$$ Using the periodic system, the cost of goods purchased is
A)$660,420.
B)$708,420.
C)$717,220.
D)$691,620.

Quizplus · Accepted Answer

The Answer of Sampson Company's accounting records show the following for the year ending on December 31, 2017. $$\begin{array} { l r } 
\text { Purchase Discounts } & \$ 11,200 \
\text { Freight-In } & 15,600 \
\text { Purchases } & 700,020 \
\text { Beginning Inventory } & 47,000 \
\text { Ending Inventory } & 57,600 \
\text { Purchase Returns and Allowances } & 12,800
\end{array}$$ Using the periodic system, the cost of goods purchased is
A)$660,420.
B)$708,420.
C)$717,220.
D)$691,620.

Sampson Company's Accounting Records Show the Following for the Year