Using Exercises 1 and 2, calculate the following: In Exercises 1, In Exercises 2, Freight-In ........... $

Question:

Using Exercises 1 and 2, calculate the following:
In Exercises 1,

In Exercises 2,
Freight-In ........... $ 8
Beginning Inventory ........ 16
Ending Inventory ....... $ 7
Net Purchases ......... 67

a. Gross profit
b. Net income or netloss

Ending Inventory
The ending inventory is the amount of inventory that a business is required to present on its balance sheet. It can be calculated using the ending inventory formula Ending Inventory Formula =...