(L. OBJ. 6) Cost of goods sold in a periodic system [10—15 min] Foxtrot Electric, Co.,...

(L. OBJ. 6) Cost of goods sold in a periodic system [10—15 min]

Foxtrot Electric, Co., uses the periodic inventory system. Foxtrot reported die following selected amounts at December 31, 2011:

Requirement

1. Compute Foxtrot’s:

a. Net sales revenue

b. Cost of goods sold

c. Gross profit