Periodic Inventory System
Soundview Centre Uses a Periodic Inventory

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