Swanson,Inc.uses a periodic inventory system.From the following details,calculate the cost of goods sold. $$\begin{array} { | l | r |}
\hline \text { Beginning merchandise inventory } & \$ 2,000 \
\hline \text { Ending merchandise inventory } & 2,300 \
\hline \text { Purchases } & 22,000 \
\hline \text { Purchase Discounts } & 700 \
\hline \text { Purchase Returns and Allowances } & 1,500 \
\hline \text { Freight In } & 4,200 \
\hline
\end{array}$$

Question

Swanson,Inc.uses a periodic inventory system.From the following details,calculate the cost of goods sold. $$\begin{array} { | l | r |} 
\hline \text { Beginning merchandise inventory } & \$ 2,000 \
\hline \text { Ending merchandise inventory } & 2,300 \
\hline \text { Purchases } & 22,000 \
\hline \text { Purchase Discounts } & 700 \
\hline \text { Purchase Returns and Allowances } & 1,500 \
\hline \text { Freight In } & 4,200 \
\hline
\end{array}$$

Quizplus · Accepted Answer

Cost of goods sold = Beginning merchandise inventory + Purchases - Purchase Discounts - Purchase Returns and Allowances + Freight In - Ending merchandise inventory= 2,000 + 22,000 - 700 - 1,500 + 4,200 - 2,300= $23,700

Swanson,Inc A)$24,200 B)$19,800 C)$23,700 D)$26,000

Swanson,Inc A)$24,200
B)$19,800
C)$23,700
D)$26,000