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Question - Parco sells all inventories at a gross profit margin of 45%. In 2022, the accounting records showed that ending inventory was $96,800 and gross purchases during the year totaled $280,000, with purchase returns of $11,200, purchase discounts of $5,600 and transportation-in of $11,800. Gross sales for the year were $650,000, and sales returns and allowance 4% of gross sales, which were all returned to inventory for resale.
1. Calculate the following items:
(a) Cost of goods sold
(b) Goods available for sale
(c) Beginning Inventory
2. Prepare the 2022 year-end inventory adjusting entries, if Parco uses a periodic inventory system.
3. Prepare the 2022 year-end inventory adjusting entries, if Parco uses a perpetual inventory system.
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