Assuming the use of the periodic inventory system,use the data below to calculate the net cost of purchases and the goods available for sale for the year ended December 31,2010.
$\begin{array}{lr}
\text {Merchandise Inventory, December 31, 2009 }&\$2,307\
\text { Merchandise Inventory, December 31, 2010}&2,041\
\text {Cost of Goods Sold}&7,604\
\end{array}$

Question

Assuming the use of the periodic inventory system,use the data below to calculate the net cost of purchases and the goods available for sale for the year ended December 31,2010.
 $\begin{array}{lr}
\text {Merchandise Inventory, December 31, 2009 }&\$2,307\
\text { Merchandise Inventory, December 31, 2010}&2,041\
\text {Cost of Goods Sold}&7,604\
\end{array}$

Quizplus · Accepted Answer

The Answer of Assuming the use of the periodic inventory system,use the data below to calculate the net cost of purchases and the goods available for sale for the year ended December 31,2010.
 $\begin{array}{lr}
\text {Merchandise Inventory, December 31, 2009 }&\$2,307\
\text { Merchandise Inventory, December 31, 2010}&2,041\
\text {Cost of Goods Sold}&7,604\
\end{array}$

Assuming the Use of the Periodic Inventory System,use the Data