Fill in the blanks / short answers :

1. Bazinga Company has compiled the following information in order to prepare the financial statements at December 31,2013:

Gross Sales during 2013 = $2,000,000

Sales returns and allowances during 2013 = $50,000

Beginning inventory, January 1,2013 = $100,000

Ending inventory, December 31, 2013 = 120,000

Purchases during 2013 = $ 750000

Calculate the following:

A.Cost of goods available for sale

B.Cost of goods sold

C. Gross profit