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Determine the missing amounts assuming that this company uses the periodic inventory system. ...

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Question

Accounting

Determine the missing amounts assuming that this company uses the periodic inventory system.

2014

2015

2016

Sales

$290,000

$ ?

$410,000

Sales returns & allowances

11,000

13,000

Net sales

?

347,000

Beginning inventory

20,000

32,000

Ending inventory

Purchases

?

260,000

298,000

Purchase returns & allowances

5,000

8,000

10,000

Freight-in

8,000

9,000

12,000

Cost of goods sold

233,000

293,000

Gross profit

46,000

91,000

97,000

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