Blanch Inc.'s accounting records show the following at the year ending on December 31, 2021. Beginning Inventory 47,000 Ending Inventory 57,600 Purchase Returns and Allowances 12,800 Purchase Discounts $ 11,200 Freight-In 15,600 Purchases 700,020 The cost of goods sold using the periodic system is a. $681,020. b. $719,020. c. $702,220. d. $697,820.

$681,020

Explanation:

The computation of the cost of goods sold is shown below:

As we know that

Cost of goods sold is

= Beginning inventory + purchased made - closing inventory

where,

Beginning inventory is $47,000

Purchase made is

= Purchase + freight in - purchase returns & allowances - purchase discounts

= $700,020 + $15,600 - $12,800 - $11,200

= $691,620

And, the closing inventory is $57,600

So, the cost of goods sold is

= $47,000 + $691,620 - $57,600

= $681,020

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