Bassing Corp. uses a periodic inventory system and reports the following information: sales $1,860,000; sales returns and

Question:

Bassing Corp. uses a periodic inventory system and reports the following information: sales $1,860,000; sales returns and allowances $124,000; sales discounts $28,000; purchases $880,000; purchase returns and allowances $13,000; purchase discounts $14,000; freight in $16,000; freight out $37,000; beginning inventory $96,000; and $82,000. Assuming Bassing uses a multiple-step income statement, calculate
(a) Net sales,
(b) Net purchases,
(c) Cost of goods purchased,
(d) Cost of goods sold, and
(e) Gross profit.
Ending Inventory
The ending inventory is the amount of inventory that a business is required to present on its balance sheet. It can be calculated using the ending inventory formula Ending Inventory Formula =...