197 Assume That Vangundy Company Uses a Periodic Inventory System and and Has

Essay

197
Assume that Vangundy Company uses a periodic inventory system and has these account balances: Purchases $600,000; Purchase Returns and Allowances $25,000; Purchase Discounts $11,000; and Freight-in $19,000; beginning inventory of $45,000; ending inventory of $55,000; and net sales of $750,000.Determine the cost of goods sold.