Cost of Goods Sold and the Periodic System Kanzu Company : 1085696
Cost of Goods Sold and the Periodic System Kanzu Company uses the periodic inventory system. Kanzu started the period with $35,000 in inventory. The Company purchased an additional $87,500 of merchandise, and returned $3,500 for a full credit. A physical count of inventory at the end of the period revealed that there was an ending inventory balance of $28,000. What was Kanzu’s cost of goods sold during the period?