elizaamath9853 elizaamath9853

23-04-2021
Business

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Sampson Company's accounting records show the following for the year ending on December 31, 2022. Purchase Discounts $ 11200 Freight-in 15600 Purchases 700020 Beginning Inventory 47000 Ending Inventory 57600 Purchase Returns and Allowances 12800 Using the periodic system, the cost of goods purchased is $660420. $717220. $708420. $691620.

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topeadeniran2 topeadeniran2

27-04-2021

Answer: $691620

Explanation:

Using the periodic system, the cost of goods purchased will be:

Purchases = 700020

Add: Freights = 15600

Less: Purchase discount = 11200

Less: Purchase return = 12800

Cost of goods purchased = 691620

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