Parco sells all inventories at a gross profit margin of 45%. In 2022, the accounting records...

 

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Parco sells all inventories at a gross profit margin of 45%. In 2022, the accounting records showed that ending inventory was $96,800 and gross purchases during the year totaled $280,000, with purchase returns of $11,200, purchase discounts of $5,600 and transportation-in of $11,800. Gross sales for the year were $650,000, and sales returns and allowance 4% of gross sales, which were all returned to inventory for resale. 1. Calculate the following items: (a) Cost of goods sold (b) Goods available for sale (c) Beginning Inventory 1 A 2 Beginning Inventory 3 Goods Available for Sale 4 Cost of Goods Sold B Amount Assessment Tool iFrame Parco sells all inventories at a gross profit margin of 45%. In 2022, the accounting records showed that ending inventory was $96,800 and gross purchases during the year totaled $280,000, with purchase returns of $11,200, purchase discounts of $5,600 and transportation-in of $11,800. Gross sales for the year were $650,000, and sales returns and allowance 4% of gross sales, which were all returned to inventory for resale. 1. Calculate the following items: (a) Cost of goods sold (b) Goods available for sale (c) Beginning Inventory 1 A 2 Beginning Inventory 3 Goods Available for Sale 4 Cost of Goods Sold B Amount Assessment Tool iFrame

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ANS Calculate Cost of goods sold croods available for sale Beginning invento... View the full answer