3 years ago

Calculation of Cost of Goods Sold: Periodic Inventory System with Sales Returns and Allowances

Business

1 answer:

andrey2020 [161]3 years ago

7 0

Answer:

73,450 COGS

Explanation:

From the beginning inventory we add up purchase and freight cost and subtract the return made to the suplier and discount and allowance granted.

This will be the total cost available for sale.

Then we subtract the ending inventory to get the COGS

27,000 beginning inventory

+ 78,000 purchases

+ 350 freight-in

- 3,900 return and allowance

<u>- 6,000 </u>discount

95,450 good available for sale

<u>- 22,000 </u>ending inventory

73,450 COGS

The sales return impact the sales revenue not the COGS

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