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LIEU DULDI Pomnes. PROBLEM 1: 15 POINTS The income statement of Leang's Luggage includes the...

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LIEU DULDI Pomnes. PROBLEM 1: 15 POINTS The income statement of Leang's Luggage includes the items listed below: Net sales $875,000 Gross profit 305,000 Beginning inventory 75,000 Purchase discounts 12,000 Purchase returns and allowances 8,000 Freight-in 10,000 Operating expenses 320,000 Purchases 560,000 Instructions Use the appropriate items listed above as a basis for determining: Cost of goods sold. (b) Cost of goods available for sale. (c) Ending inventory. (a)

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