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1 February, 14:28

The trial balance of Sheridan Company at the end of its fiscal year, August 31, 2022, includes these accounts: Beginning Inventory $24,230; Purchases $200,300; Sales Revenue $184,800; Freight-In $8,530; Sales Returns and Allowances $3,610; Freight-Out $3,940; and Purchase Returns and Allowances $8,210. The ending inventory is $21,700. Prepare a cost of goods sold section (periodic system) for the year ending August 31, 2022.

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  1. 1 February, 15:20
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    Cost of good sold is $203,150.

    Explanation:

    Sheridan Company cost of goods sold section (periodic system) for the year ending August 31, 2022

    Details $ $

    Beginning Inventory 24,230

    Purchases 200,300

    Freight-In 8,530

    Purchase Returns and Allowances (8,210)

    Net purchases 200,620

    Cost of goods available for sales 224,850

    Ending inventory (21,700)

    Cost of good sold 203,150
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