Question: Printer Supply Company sells computer printers and printer supplies. One of its products is a toner cartridge for laser printers. At the beginning of the
Printer Supply Company sells computer printers and printer supplies. One of its products is a toner cartridge for laser printers. At the beginning of the year, there were cartridges on hand at a cost of $ each. During the year, Printer Supply purchased cartridges at $ each, sold cartridges at $ each, and sold an additional cartridges at $ each after a midyear selling price increase. Printer Supply returned defective cartridges to the supplier. In addition, customers returned cartridges that were purchased at $ to Printer Supply for various reasons. Assume that Printer Supply uses a periodic inventory system.
What is the cost of ending inventory, cost of goods sold, and gross profit?
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