Yancey Company
The following information is available for Yancey Company, a retail store, for Year 1. The company uses a periodic inventory system.Beginning inventory was $32,000. During the year, Yancey Company purchased goods totalling $634,000 on account with terms of 2/10, n/30, F.O.B. shipping point. Yancey Company paid $1,000 in total freight charges directly to the freight company. At the end of the year, inventory on hand totalled $45,000. Net sales reported on the income statement for the year totalled $1,300,000.
-Refer to the information provided for Yancey Company.How much is cost of goods available for sale for Year 1 assuming that Yancey Company take advantage of one-half of the cash discounts?

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The Answer of Yancey Company
The following information is available for Yancey Company, a retail store, for Year 1. The company uses a periodic inventory system.Beginning inventory was $32,000. During the year, Yancey Company purchased goods totalling $634,000 on account with terms of 2/10, n/30, F.O.B. shipping point. Yancey Company paid $1,000 in total freight charges directly to the freight company. At the end of the year, inventory on hand totalled $45,000. Net sales reported on the income statement for the year totalled $1,300,000.
-Refer to the information provided for Yancey Company.How much is cost of goods available for sale for Year 1 assuming that Yancey Company take advantage of one-half of the cash discounts?

Yancey Company The Following Information Is Available for Yancey Company, a Retail