Putter Company had an $18,000 beginning inventory and a $21,000 ending inventory. Net sales were $200,000; purchases,

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Putter Company had an $18,000 beginning inventory and a $21,000 ending inventory. Net sales were $200,000; purchases, $95,000; purchase returns and allowances, $6,000; and freight in, $8,000.

1). Cost of goods sold for the period is?

2). What is Putter's gross profit percentage (rounded to the nearest percentage)?

3). What is Putter's rate of inventory turnover?

Related Book For answer-question

Accounting

ISBN: 978-0324662962

23rd Edition

Authors: Jonathan E. Duchac, James M. Reeve, Carl S. Warren

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Posted Date: Jan 04, 2021 10:21 AM

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Putter Company had an $18,000 beginning inventory and a $21,000 ending inventory. Net sales were $200,000; purchases,

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