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td WileyPLUS Secure l https://edugenwileyplus.com/edugen/student/mainfr.uni ileyPLUS Kimmel, Accounting, Ge n Read, Study & Prect Gradebook ORION Dowsloadable etextbook isoment> Open Assignment Assume that Culumber Company uses a periodc inventary system and has these account balances: Purchases $324,100; Purchase Returns and Adowancs Determine the amounts to be reported for Cost of goods sold ending inventory of $58.800, and net sales of $651,900 cost of goods sold and oross profit Gross prof O Type here to search

Explanation / Answer

cost of goods sold Beginning inventory 55,600 purchases 374,100 less purchase returns and allowances 10,200 less purchase discounts 7,900 Add:Freight- in 15,400 net purchases 371,400 less Ending inventory 48,800 cost of goods sold 378,200 Gross profit net sales 651,900 less cost of goods sold 378,200 Gross profit 273,700 (note the figureof ending inventory is not very clear )

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