S5b-17 (similar to) upper g wholesale company began the year with merchandise inventory of $ 5 comma 000. during the year, upper g purchased $ 97 comma 000 of goods and returned $ 6 comma 500 due to damage. upper g also paid freight charges of $ 1 comma 600 on inventory purchases. at year-end, upper g's ending merchandise inventory balance stood at $ 17 comma 200. assume that upper g uses the periodic inventory system. compute upper g's cost of goods sold for the year. less: plus: less: cost of goods sold

Cost of Goods Sold: 79,900

Explanation:

The returns decreases the net purchases, and the freight-in is a necessary cost for get the goods so; it is activate through inventory.

Beginning              5,000

Purchased            97,000

Return                   (6,500)

Fregith-in               1,600  

Good available:     97,100

The difference between goods available and ending inentory will be the cost of goods sale

Ending Inventory (17,200)

Cost of Goods Sold: 79,900

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