Question: (30 pts) ABC Co. uses a periodic inventory system. At the end of 2018, the accounting records include the following information: Inventory, December 31,

(30 pts) ABC Co. uses a periodic inventory system. At the end of 2018, the accounting records include the following information: Inventory, December 31, 2017 $ 23,100 Inventory, December 31, 2018 S 15,900 Net sales $ 318,000 Purchases $ 183,000 Compute the following for 2018: a. Gross profit b. Cost of goods sold (30 pts) ABC Co. uses a periodic inventory system. At the end of 2018, the accounting records include the following information: Inventory, December 31, 2017 $ 23,100 Inventory, December 31, 2018 S 15,900 Net sales $ 318,000 Purchases $ 183,000 Compute the following for 2018: a. Gross profit b. Cost of goods sold

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