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agenow.com/ilrrytakeAssignment/takeAssignmentMain.do?invoker- assignments&takeAssignmentSessionlocator-assignment-take;&inprogress; assignments8takeAssignmentsesson ocator = assignment take inprogress m odule 2 Engagement Exerc Video eBook Calculation of Cost of Goods Sold: Periodic Inventory System Prepare the cost of goods sold section for Adams Gift Shop. The following amounts are known: Calculator Algo Algo Beginning merchandise inventory $26,105 Ending merchandise inventory 21,740 78,085 Purchases returns and allowances 3,875 6,045 275 Algo Purchases Freight-in Adams Gift Shop Cost of Goods Sold Cost of goods sold Previous Check My Work 1 more Check May Work uses remaining. Check My Work 414 items 9-22 AM

Explanation / Answer

Please find below cost of goods solds schedule (Please check for heading nomenclature)

Beginning merchandise inventory $        26,105 Purchases $        78,085 Purchase returns and allowances $       (3,875) Purchase discounts $       (6,045) $        (9,920) Net purchase $        68,165 Freight in $              275 $        68,440 Cost of goods purchased $        94,545 Ending merchandise inventory $        21,740 Cost of goods sold $        72,805

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