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Determine cost of goods sold and net cost of purchases

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Reference no: EM132501212

Given the following information:

Beginning Inventory$ 52,000

Ending Inventory 20,800

Sales 214,400

Purchases 69,600

Sales Returns and Allowances 3,600

Purchase Discounts 2,400

Transportation-In 4,400

Purchase Returns and Allowances 3,600

Sales Discounts 1,920

Required:

Question a. Determine net sales

Question b. Determine net cost of purchases

Question c. Determine gross margin

Question d. Determine cost of goods available for sale

Question e. Determine cost of goods sold

Reference no: EM132501212

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