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Applying the Cost of Goods Sold Model The following amounts were obtained from Stanwick Company's accounting records. 2019 2020 Net sales $382,400 $420,640 Cost of

Applying the Cost of Goods Sold Model

The following amounts were obtained from Stanwick Company's accounting records.

2019 2020
Net sales $382,400 $420,640
Cost of goods sold:
Beginning inventory $36,800 (d)
Purchases (a) 296,700
Goods available for sale (b) (e)
Ending inventory 43,420 (f)
Cost of goods sold (c) 296,750
Gross margin $108,720 (g)

Required:

Compute the missing amounts. Input your answers as positive numbers.

2019 2020
Net sales $382,400 $420,640
Cost of goods sold:
Beginning inventory $36,800 $fill in the blank 1
Purchases fill in the blank 2 296,700
Goods available for sale fill in the blank 3 fill in the blank 4
Ending inventory 43,420 fill in the blank 5
Cost of goods sold fill in the blank 6 296,750
Gross margin $108,720 $fill in the blank 7

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