Using the following information, determine the (a) cost of goods sold (show your work) and (b) gross profit. $\begin{array}{lr}
\text { Net sales } & \$ 198,000 \
\text { Purchases } & 92,000 \
\text { Purchases returns and allowances } & 1,800 \
\text { Purchases discounts } & 1,250 \
\text { Freight-in } & 1,590 \
\text { Merchandise inventory, beginning of period } & 63,000 \
\text { Merchandise inventory, end of period } & 37,000
\end{array}$

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The Answer of Using the following information, determine the (a) cost of goods sold (show your work) and (b) gross profit. $\begin{array}{lr}
\text { Net sales } & \$ 198,000 \
\text { Purchases } & 92,000 \
\text { Purchases returns and allowances } & 1,800 \
\text { Purchases discounts } & 1,250 \
\text { Freight-in } & 1,590 \
\text { Merchandise inventory, beginning of period } & 63,000 \
\text { Merchandise inventory, end of period } & 37,000
\end{array}$

Using the Following Information, Determine the (A) Cost of Goods