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The trial balance of Marigold Corp. at the end of its fiscal year, August 31, 2022, includes these accounts: Beginning Inventory $22,660; Purchases $219,640; Sales Revenue $206,200; Freight-In $7,600; Sales Returns and Allowances $3,890; Freight-Out $3,820; and Purchase Returns and Allowances $6,670. The ending inventory is $21,600. Prepare a cost of goods sold section (periodic system) for the year ending August 31, 2022.

Answer :

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Assuming the trial balance of Marigold Corp. at the end of its fiscal year, August 31, 2022, includes these accounts Beginning Inventory of $22,660 the cost of goods sold section (periodic system) for the year ending August 31, 2022 will be $221,630

Preparation of  a cost of goods sold section (periodic system) for the year ending August 31, 2022.

Marigold Corp Income statement for the year ended

Beginning inventory $22,660

Add Purchases $219,640

Less Purchase Returns and Allowances ($6,670)

Net purchases $212,970

($219,640-$6,670)

Add Freight in $7,600

Cost of goods purchased $220,570

($212,970+$7,600)

Cost of goods available of sales $243,230

($220,570+$22,660)

Less Ending inventory ($21,600)

Cost of goods sold $221,630

($243,230-$21,600)

Inconclusion cost of goods sold section (periodic system) for the year ending August 31, 2022 is $221,630

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