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What the cost of goods purchased using the periodic system

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Reference no: EM132710376

Vaughn Manufacturing accounting records show the following for the year ending on December 31, 2022.

Purchase Discounts $ 11500

Freight-in 14600

Purchases 711020

Beginning Inventory 60000

Ending Inventory 49600

Purchase Returns and Allowances 10300

Problem 1: Using the periodic system, the cost of goods purchased is

Option 1: $672620.

Option 2: $718220.

Option 3: $724420.

Option 4: $703820.

Reference no: EM132710376

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