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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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