?

Financial Accounting

Free Version

Upgrade subject to access all content

Moderate

Cost of Goods Sold under Periodic Inventory System

FINACT-EGCK6E

Please calculate the cost of goods sold for a retailer based on the information provided below. This retailer uses the periodic inventory system.

Purchases $500,000
Beginning Inventory    100,000
Purchase Discounts      10,000
Purchase Returns      30,000
Freight-In      10,000
Ending Inventory     90,000
A

\$460,000

B

\$90,000

C

\$480,000

D

\$570,000