Solution-Calculating COGS under a Periodic Inventory System

Calculating COGS under a Periodic Inventory System

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Reference no: EM132478437

Problem - Calculating COGS under a Periodic Inventory System

The following balances are on the Trial Balance for Beermann's Craft Brews, LLC, a craft beer distributor, at year-end December 31, 2018, in no particular order:

Inventory	$250,000
Accounts Receivable	45,800
Sales Revenue	310,000
Purchase Discounts	3,400
Purchases	170,000
Refund Payable	11,750
Accounts Payable	39,350
Delivery Expense	15,500
Purchase Returns & Allowances	9,220
Freight In	12,170
Sales Discounts Forfeited	2,600

A physical count of inventory was done at year-end, resulting in $239,000 in inventory. Beermann Craft Brews uses 3 Periodic Inventory System.

Required -

(1) Calculate Cost of Goods Sold for the year?

(2) What amount of Inventory will be reported on the Balance Sheet?

(3) Calculate Gross Profit?

Reference no: EM132478437

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Calculating COGS under a Periodic Inventory System

Reference no: EM132478437

Reference no: EM132478437

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