5-9

account balances: purchases $404,000, purchase returns and allowances $13,000; purchase Discounts $9,000; and Freight-In $16,000. Determine net purchase, and cost of goods purchased. BE5-9 Assume the same information as in BE5-8 and also that Tracy Company has beginning inventory. of $60,000, ending inventory of $90,000, and net sales of $612,000. Determine the amounts to be reported for cost of goods sold and gross profit. BE5-10 Durbin Corporation reported net sales of $250,000, cost of goods sold of $150,000, operating expenses of $50,000, net income of $32,500, beginning total assets of $520,000 and ending total assets of $600,000. Calculate each of the following values and account balances: purchases $404,000, purchase returns and allowances $13,000; purchase Discounts $9,000; and Freight-In $16,000. Determine net purchase, and cost of goods purchased. BE5-9 Assume the same information as in BE5-8 and also that Tracy Company has beginning inventory. of $60,000, ending inventory of $90,000, and net sales of $612,000. Determine the amounts to be reported for cost of goods sold and gross profit. BE5-10 Durbin Corporation reported net sales of $250,000, cost of goods sold of $150,000, operating expenses of $50,000, net income of $32,500, beginning total assets of $520,000 and ending total assets of $600,000. Calculate each of the following values and