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What amount will Freeflow report as cost of goods sold

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Reference no: EM133119301

Question - Freeflow Inc uses Gross profit method to estimate its closing Inventory details for 2020 is given below

 

Cost

Retail

Gross Sales

$1,685,000.00

Freight

$18,000.00

Markdown cancellation

$8,000.00

Markup

$71,000.00

Purchases

$975,000.00

$1,834,000.00

Markup cancellation

$18,000.00

purchase returns

$23,000.00

$36,000.00

Sales returns

$38,000.00

Op Inventory

$220,000.00

$411,000.00

Markdowns

$69,000.00

Freeflow has averaged 64.5% gross margin

Based on this, what amount will Freeflow report as cost of goods sold?

Reference no: EM133119301

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