Periodic Inventory System (accounting)?

• inventory control system
• inventory system

I can't seem to find why my answer isn't correct for this question.


Usе the following data and assumе cost of goods sold is $273,700. Include the amount of purchases for the month of October.


Freight-In.............................…

Merchandise Inventory, Sep. 30, 2011......$37,950

Merchandise Inventory, Oct. 31,2011.......$50,600

Purchases..............................…

Purchases Return & Allowances............$10,350


Prepare the cost of goods sold section of a merchandising income statement (periodic inventory system).


Merchandise Inventory, Sep. 30,2011 $37,950

Purchases _______

Less Purchases Return & Allow 10,350

Net Purchases _______

Freight-In 13,800

Net cost of Purchases ______

Cost of goods available for sale 324,300

Less Merchandise Inventory,Oct.31,2011 50,600


Cost of goods sold 273,700

Periodic Inventory System (accounting)?