G Journey Luggage uses a periodic inventory system and has the following account balances: Beginning Inventory $31,000 Ending Inventory $ 18,000 Purchase Discounts 2,000 Purchases 240,000 Purchase Returns and Allowances 3,000 Freight-In 11,000 Operating Expenses 88,000 Net sales 489,000 Calculate cost of goods sold.

$259,000

Explanation:

Given that

Purchase = $240,000

Purchase return = $3,000

Purchase discount = $2,000

Beginning Inventory = $31,000

Freight = $11,000

Ending inventory = $18,000

The computation of cost of goods sold is shown below:-

Net Purchase = Purchase - Purchase return - Purchase discount

= $240,000 - $3,000 - $2,000

= $235,000

Beginning Inventory + Net Purchase + Freight - Ending Inventory

=  $31,000 + $235,000 + $11,000 - $18,000

= $259,000

a.   is the correct choice.

good luck. : )

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