Periodic: Computing cost of goods sold Chazen Company's inventory balance at the beginning of the year was $6,000. During the year, the company had Purchases of $30,000 and Purchases Returns and...

Extracted text: Periodic: Computing cost of goods sold Chazen Company's inventory balance at the beginning of the year was $6,000. During the year, the company had Purchases of $30,000 and Purchases Returns and Allowances of $2,000. The company's inventory balance at the end of the year is $4,000. Compute cost of goods sold for the year assuming Chazen uses the periodic inventory system.