Beginning Inventory Was $32,000

question 74

Essay

Beginning inventory was $32,000. During the year, Yancey Company purchased goods totaling $634,000 on account with terms of 2/10, n/30, FOB shipping point. Yancey Company paid $1,000 in total freight charges directly to the freight company. At the end of the year, inventory on hand totaled $45,000. Net sales reported on the income statement for the year totaled $1,300,000.
-Refer to the information provided for Yancey Company. How much is cost of goods available for sale for the year ended December 31 assuming that Yancey Company take advantage of one-half of the cash discounts?

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