Applying the Cost of Goods Sold Model

The following amounts were obtained from the accounting records of Rabren Supply Company:

Required:

Compute the missing amounts.

			Year 1				Year 2
Net sales				$359,620				$423,150
Cost of goods sold:
	Beginning inventory		$36,800				$fill in the blank 1
	Purchases		$fill in the blank 2				301,600
		Goods available for sale	$fill in the blank 3				$fill in the blank 4
	Ending inventory		42,780				$fill in the blank 5
		Cost of goods sold		$fill in the blank 6				289,700
Gross margin				$116,450			$fill in the blank 7