Assume That Swann Company Uses a Periodic Inventory System and Has

Essay

Assume that Swann Company uses a periodic inventory system and has these account balances at the end of the period: Purchases $630,000; 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.