Building Supplies, Inc., which uses a periodic inventory system, shows the following on December 31, 2019.
The cost of goods sold for the year 2019 is:

Question

Building Supplies, Inc., which uses a periodic inventory system, shows the following on December 31, 2019.
 The cost of goods sold for the year 2019 is:

Quizplus · Accepted Answer

Cost of goods sold = Beginning inventory + (Purchases - Purchase discounts + Freight-in - Purchase returns) - Ending inventory
X = $134,000 + ($840,040 - $22,400 + $31,200 - $25,600) - $115,200
X = $842,040