Question: Please explain your answer. Thank you :) The following information is taken from the accounting records of Rapid Runner Inc. for the year 2016. Required:

Please explain your answer. Thank you :)

The following information is taken from the accounting records of Rapid Runner Inc. for the year 2016.

Required:
Compute the missing amount.

COGS=241

FREIGHT IN= 26

ENDING INVENTORY= 151

GROSS PURCHASES= 308

SALES= 408

PURCHASE DISCOUNT=???????

BEGINING INVENTORY= 154

GROSS PROFIT= 167

PURCHASE RETURNS= 54

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