Question: Bassing Company uses a periodic inventory system and has these account balances: Purchases $400,000; Purchase Returns and Allowances $11,000: Freight In $16,000 Determine net purchases and costs of goods purchased. Purchases Less: Purchase returns and allowances Net purchases Add: Freight in Cost of goods purchased Brief Exercise - BE6-5 Question: Looking at the previous questions BE6-4, Bassing Company has a beginning inventory of $60,000, ending inventory of $90,000, and net sales of $630,000. Determine the amount to report for cost of goods sold and gross profit. ? ? ? ? Note: The blue filled cells are where you should input your answer. Net sales Beginning inventory ? Add: Purchases Less: Purchase returns and allowances Net purchases Add: Freight in Cost of goods purchased Cost of goods available for sale Less: Ending inventory Cost of goods sold Gross profit