Assume the same information as in BE and also that Guardian Company has beginning inventory of $60,000, ending inventory of $90,000, and net sales of $680,000.
Determine the amounts to be reported for cost of goods sold and gross profit.
Assume that Guardian Company uses a periodic inventory system and has these account balances: Purchases $430,000; Purchase Returns and Allowances $13,000; Purchase Discounts $8,000; and Freight-In $16,000. Determine net purchases and cost of goods purchased.