15. $ 1,24 Calculate cost of goods (W ) 1,3 16. $ ,752date gross profit (WA) 17. Based on the above, which method would show a larger net income number (FIFO UFO or WA) Use the following to answer questions 18-21 GG Inc., begins the year with inventory of $50,000 and ends the year with inventory of $46,200. During the year, the following amounts are recorded: Sales Sales returns & allowances Sales discounts Purchases Operating expenses $850,000 2,000 17,000 580,000 210,000 $ Net Sales $__ Calculate cost of goods sold 20. $_ Gross profit 21. % Gross profit ratio (rounded to once decimal place) Page 6-10 Chapter 6 Spring 2020