Brief Exercise 5-13 Your answer is incorrect. Try again. Assume that Morgan Company uses a periodic...
Brief Exercise 5-13 Your answer is incorrect. Try again. Assume that Morgan Company uses a periodic inventory system and has these account balances: Purchases $450,000; Purchase Returns and Allowances $13,000; Purchase Discounts $9,000; and Freight-In $18,000. Morgan Company has beginning inventory of $60,000, ending inventory of $90,000, and net sales of $730,000. Determine the amounts to be reported for cost of goods sold and gross profit. Cost of goods sold $? Gross profit $?
Homework Answers
Cost of goods sold = beginning inventory + Purchases + Freight-In - Purchase Returns and Allowances - Purchase Discounts - ending inventory
= 60,000 + 450,000 + 18,000 - 13,000 - 9,000 - 90,000
= $416,000
Gross profit = Net sales - Cost of goods sold
= 730,000 - 416,000
= $314,000
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