Question

Upper MM

Wholesale Company began the year with merchandise inventory of

$ 9 comma 000$9,000.

During the​ year,

Upper MM

purchased

$ 95 comma 000$95,000

of goods and returned

$ 6 comma 600$6,600

due to damage.

Upper MM

also paid freight charges of

$ 1 comma 500$1,500

on inventory purchases. At​ year-end,

Upper MM​'s

ending merchandise inventory balance stood at

$ 17 comma 400$17,400.

Assume that

Upper MM

uses the periodic inventory system. Compute

Upper MM​'s

cost of goods sold for the year.

		Less:
		Plus:
	Less:
	Cost of Goods Sold

Answer 1