Illinois Company uses the periodic inventory system. Beginning and ending inventories for 2019 were $280,000 and $240,000, respectively. Net purchases were $720,000 while freight in was $60,000. The cost of good sold net income for 2019 was:

Cost of goods sold = $820,000

Explanation:

Cost of goods sold represent the amount incurred as direct expenditures on the goods sold. It is measured in cost and cal calculated as follows:

Cost of goods sold = opening inventory + purchases+ freight charges  - closing inventory

                  = 280,000 + 720,000 + 60,000 - 240,000 = 820,000

Cost of goods sold = $820,000

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