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Problem 2 12.5 points Using the following information, determine the cost of goods sold and gross profit. Show and label your calculations, a Purchases discounts b Purchases returns and allowances c Merchandise inventory, beginning of period$ d Merchandise inventory, end of period e Net sales f Purchases g Freight-in $4,800 $7,000 159,300 $71,000 $ 515,000 $75,800 $4,400 Complete your work below. Feel free to create Excel formulas. Net Sales Beginning Inventory Purchases Purchases returns and allowances Purchase Discounts Net purchases Freight-in Cost of goods purchased Cost of goods available for sale Ending Inventory Cost of goods sold Gross profit
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