Periodic Inventory System Raynolde Company uses a periodic inventory system. At the end of 2016,...
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Accounting
Periodic Inventory System
Raynolde Company uses a periodic inventory system. At the end of 2016, the following information is available:
| Purchase returns and allowances | $ 1,400 | |
| Inventory, 12/31/2016 | 11,900 | |
| Purchases | 21,200 | |
| Inventory, 1/1/2016 | 10,800 | |
| Purchases discounts | 600 |
Required:
Prepare a schedule to compute Raynolde Company's cost of goods sold for 2016.
| RAYNOLDE COMPANY | |
| Cost of Goods Sold Schedule | |
| For the Year Ended December 31, 2016 | |
| Inventory, 1/1/2016 | $ |
| Purchases | |
| Purchases returns and allowances | |
| Purchases discounts | |
| Cost of goods available for sale | $ |
| Less: Inventory, 12/31/2016 | |
| Cost of goods sold | $ |
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