question content area a company using the periodic inventory system has the following account balances: inventory (beginning of the year), $3,600; freight in, $650; purchases, $10,700; purchases returns and allowances, $1,950; purchases discounts, $330. the cost of merchandise purchased is

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08-11-2022
Business

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question content area a company using the periodic inventory system has the following account balances: inventory (beginning of the year), $3,600; freight in, $650; purchases, $10,700; purchases returns and allowances, $1,950; purchases discounts, $330. the cost of merchandise purchased is

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SakshTiwari353 SakshTiwari353 · Answer 1 · 2022-11-13T06:10:50-05:00

The account balances for a corporation that uses a periodic inventory system are as follows: inventory (at the start of the year), $3,600; freight in, $650; purchases, $10,700; purchases returns and allowances, $1,950; and purchases discounts, $330. The total cost of the goods is $9,070.

In a system of periodic inventories, how do you calculate inventory?

The total quantity of the products that are available for sale equals starting inventory (calculated based on the most recent physical inventory) plus all purchases made between the most recent physical inventory and the following physical inventory.

Using the periodic approach, how do you determine ending inventory?

Beginning inventory + net purchases - COGS = ending inventory is the primary formula used to calculate this amount. The end of the previous period's inventory serves as your starting point.

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