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Brief Exercise 5-13 Your answer is incorrect. Try again. Assume that Morgan Company uses a...

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Accounting

Brief Exercise 5-13 Your answer is incorrect. Try again. Assume that Morgan Company uses a periodic inventory system and has these account balances: Purchases $450,000; Purchase Returns and Allowances $13,000; Purchase Discounts $9,000; and Freight-In $18,000. Morgan Company has beginning inventory of $60,000, ending inventory of $90,000, and net sales of $730,000. Determine the amounts to be reported for cost of goods sold and gross profit. Cost of goods sold $? Gross profit $?

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