Question: Determine the missing amounts assuming that this company uses the periodic inventory system. 2014 2015 2016 Sales $290,000 $ ? $410,000 Sales returns & allowances
Determine the missing amounts assuming that this company uses the periodic inventory system.
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| 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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