Periodic inventory system Soundview Centre uses a periodic inventory system. At the end of 2010, the accounting records include the following information:
Compute the following for 2010:
$\begin{array}{|l|l|}
\hline \text { Inventory, December 31, 2009 } & \$ 23,100 \
\hline \text { Inventory, December 31, 2010 } & \$ 15,900 \
\hline \text { Net sales } & \$ 318,000 \
\hline \text { Purchases } & \$ 183,000 \
\hline
\end{array}$ $\begin{array}{|l|l|}
\hline \text {a) Cost of goods sold. }& \$\_\_\_\_\
\hline \text { b) Gross profit.}& \$\_\_\_\_ \
\hline
\end{array}$

Question

Periodic inventory system Soundview Centre uses a periodic inventory system. At the end of 2010, the accounting records include the following information:
Compute the following for 2010:
 $\begin{array}{|l|l|}
\hline \text { Inventory, December 31, 2009 } & \$ 23,100 \
\hline \text { Inventory, December 31, 2010 } & \$ 15,900 \
\hline \text { Net sales } & \$ 318,000 \
\hline \text { Purchases } & \$ 183,000 \
\hline
\end{array}$ $\begin{array}{|l|l|}
\hline  \text {a) Cost of goods sold. }& \$\_\_\_\_\
\hline  \text { b) Gross profit.}& \$\_\_\_\_ \
\hline 
\end{array}$

Quizplus · Accepted Answer

The Answer of Periodic inventory system Soundview Centre uses a periodic inventory system. At the end of 2010, the accounting records include the following information:
Compute the following for 2010:
 $\begin{array}{|l|l|}
\hline \text { Inventory, December 31, 2009 } & \$ 23,100 \
\hline \text { Inventory, December 31, 2010 } & \$ 15,900 \
\hline \text { Net sales } & \$ 318,000 \
\hline \text { Purchases } & \$ 183,000 \
\hline
\end{array}$ $\begin{array}{|l|l|}
\hline  \text {a) Cost of goods sold. }& \$\_\_\_\_\
\hline  \text { b) Gross profit.}& \$\_\_\_\_ \
\hline 
\end{array}$

Periodic Inventory System Soundview Centre Uses a Periodic Inventory System