Computing cost of goods sold in a periodic inventory system
G Wholesale Company began the year with inventory of $6,000. During the year, G purchased $97,000 of goods and returned $6,200 due to damage. G also paid freight charges of $1,500 on inventory purchases. At year-end, G's adjusted inventory balance stood at $17,300. G uses the periodic inventory system.
Requirement
1. Compute G's cost of goods sold for the year.