Pina colada lake corporation’s accounting records show the following at year-end december 31, 2017: purchase discounts $7,700 beginning inventory $31,950 freight-in 9,840 ending inventory 28,980 freight-out 10,050 purchase returns and allowances 4,440 purchases 164,480 assuming that pina colada lake corporation uses the periodic system, compute cost of goods purchased and cost of goods sold.

(i) $162,180

(ii) $165,150

Explanation:

Cost of goods purchased(net):

= Purchases - Purchase discount - purchase returns and allowances + freight in

= 164,480 - $7,700 - 4,440 + 9,840

= $162,180

Cost of goods sold:

= Beginning inventory + net purchase - ending inventory

= $31,950 + $162,180 - 28,980

= $165,150

**Freight out does not form part of cost of inventory as it is not related to purchase. It is related to sales.

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