Sinton Inc.uses a periodic inventory system.During the current year,its beginning inventory was $5,200 and net purchases amounted to $24,600.At the end of the year,after counting its inventory,the company determined that the dollar valuation of its ending inventory was $4,100.
Required:
Part a.Calculate cost of goods available for sale.
Part a.Calculate cost of goods sold.

Question

Quizplus · Accepted Answer

The Answer of Sinton Inc.uses a periodic inventory system.During the current year,its beginning inventory was $5,200 and net purchases amounted to $24,600.At the end of the year,after counting its inventory,the company determined that the dollar valuation of its ending inventory was $4,100.
Required:
Part a.Calculate cost of goods available for sale.
Part a.Calculate cost of goods sold.