Question

The accounts of Entity A on December 31, 20x1 show the following balances:
Gross sales
5,800,000

Sales returns
116,000

Sales discounts
1,160,000

Gross purchases
2,200,000

Freight-in
110,000

Purchase discounts
66,000

Purchase returns
22,000

Inventory, beg.
460,000

Inventory, end.
320,000



Requirement: Prepare a statement of cost of goods sold and gross profit.​

Answer 1

Answer:

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