Practice problems for an upcoming test on lifo, fifo and other inventory methods

Periodic System Using Knowledge of Financial Statement Relations to Compute Missing Accounts The following information relates to Payleast Shoes Company. Assuming the company uses the periodic inventory system, solve for the missing amounts athrough m for years 2020 through 2022. - Do not use negative signs in your answers. - Round gross profit percentage to the nearest whole percentage point. 2020 2021 2022 Net sales $126,000 $154,000 $182,000 Beginning inventory 16,800 9. j. Purchases (gross) 98,000 115,500 138,600 Purchase returns and allowances 8,400 7,000 12,320 Purchase discounts 5,600 3,500 2,660 Freight-in 4,200 f. 14,000 Cost of goods available for sale a. 130,900 k. Ending inventory 21,000 g. 36,400 Cost of sales b. 105,700 /. Gross profit c. 7 V 7 h. 55,580 Gross profit percentage d. % i. % m. %