Assume that Pronghorn Company uses a periodic inventory syste Returns and Allowances $14,600, Purchase Discounts $9,500, and Freight-In $18.500. Assume also that Pronghorn Company has beginning inventory of $69.200, ending inventory of $98,500. and net sales of $747,600. Determine the amounts to be reported for cost of goods sold and gross profit. Cost of goods sold $ Gross profit
Assume that Pronghorn Company uses a periodic inventory syste Returns and Allowances $14,600, Purchase Discounts $9,500, and Freight-In $18.500. Assume also that Pronghorn Company has beginning inventory of $69.200, ending inventory of $98,500. and net sales of $747,600. Determine the amounts to be reported for cost of goods sold and gross profit. Cost of goods sold $ Gross profit
College Accounting (Book Only): A Career Approach
13th Edition
ISBN:9781337280570
Author:Scott, Cathy J.
Publisher:Scott, Cathy J.
Chapter11: Work Sheet And Adjusting Entries
Section: Chapter Questions
Problem 3E: Basga Company uses the periodic inventory system. Beginning inventory amounted to 241,072. A...
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![Assume that Pronghorn Company uses a periodic inventory system and has these account balances: Purchases $451.600, Purchase
Returns and Allowances $14,600, Purchase Discounts $9,500, and Freight-In $18,500. Assume also that Pronghorn Company has
beginning inventory of $69,200. ending inventory of $98,500, and net sales of $747,600.
Determine the amounts to be reported for cost of goods sold and gross profit.
Cost of goods sold
$
Gross profit](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F901675a3-096b-4e90-bba8-cf1cd37ac559%2Ffec74ad3-c3a4-4541-8f9f-a2c4da26a37c%2Fbb2a6gl_processed.jpeg&w=3840&q=75)
Transcribed Image Text:Assume that Pronghorn Company uses a periodic inventory system and has these account balances: Purchases $451.600, Purchase
Returns and Allowances $14,600, Purchase Discounts $9,500, and Freight-In $18,500. Assume also that Pronghorn Company has
beginning inventory of $69,200. ending inventory of $98,500, and net sales of $747,600.
Determine the amounts to be reported for cost of goods sold and gross profit.
Cost of goods sold
$
Gross profit
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