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1) McMillan Company uses the periodic inventory system. It has compiled the following information in order to prepare the financial statements at December 31, 2022:
1) McMillan Company uses the periodic inventory system. It has compiled the following information in order to prepare the financial statements at December 31, 2022:
| Gross sales during 2022 | $ 2,000,000 |
| Sales returns and allowances during 2022 | 50,000 |
| Beginning inventory, January 1, 2022 | 100,000 |
| Ending inventory, December 31, 2022 | 120,000 |
| Purchases during 2022 | 750,000 |
Required: Calculate each of the following: A. Cost of goods available for sale B. Cost of goods sold C. Gross profit
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