Using the following information, determine the cost of goods sold and gross profit. Show and label your calculations.
a	Purchases discounts		$ 4,800
b	Purchases returns and allowances		$ 7,000
c	Merchandise inventory, beginning of period		$ 159,300
d	Merchandise inventory, end of period		$ 71,000
e	Net sales		$ 515,000
f	Purchases		$ 75,800
g	Freight-in		$ 4,400
	Complete your work below. Feel free to create Excel formulas.
	Net Sales								$ 51,500
	Beginning Inventory						$ 159,300
	Purchases				$ 75,800
	Purchases returns and allowances		$ 7,000
	Purchase Discounts		$ 4,800		$ -
	Net purchases				$ -
	Freight-in				$ 4,400
	Cost of goods purchased						$ -
	Cost of goods available for sale						$ -
	Ending Inventory						$ 71,000
	Cost of goods sold								$ -
	Gross profit								$ -