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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?
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