Cooking Corner
Cooking Corner reported inventory on its balance sheet at December 31,2013 at $32,000.During 2014,Cooking Corner purchased goods totaling $634,000 on account with terms of 2/10,n/30,FOB shipping point.Total charges paid by Cooking Corner directly to the freight company were $1,000.At the end of 2014,inventory on hand totaled to $45,000.Net sales for 2014 totaled $1,300,000.Cooking Corner employs a periodic inventory system.
Refer to the information about Cooking Corner.
How much is Cooking Corner's cost of goods sold assuming that Cooking Corner takes advantage of one-half of the cash discount?

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The Answer of Cooking Corner
Cooking Corner reported inventory on its balance sheet at December 31,2013 at $32,000.During 2014,Cooking Corner purchased goods totaling $634,000 on account with terms of 2/10,n/30,FOB shipping point.Total charges paid by Cooking Corner directly to the freight company were $1,000.At the end of 2014,inventory on hand totaled to $45,000.Net sales for 2014 totaled $1,300,000.Cooking Corner employs a periodic inventory system.
Refer to the information about Cooking Corner.
How much is Cooking Corner's cost of goods sold assuming that Cooking Corner takes advantage of one-half of the cash discount?

Cooking Corner Cooking Corner Reported Inventory on Its Balance Sheet at December