Assume that Crane Company uses a periodic inventory system and has these account balances: Purchases $630,000; Purchase Returns and Allowances $25,700; Purchases Discounts $10,900; and Freight-In $18,300; beginning inventory of $45,000; ending inventory of $64,600, and net sales of $760,000. Determine the amounts to be reported for cost of goods sold and gross profit.

Cost of goods sold =$61,5300

Gross Profit = $144,700

Explanation:

Given the information:

As we the, the fomular for total Goods Available for Sale

=   Beginning Inventory + Purchases + Freight-In - Purchase Returns and Allowances - Purchases Discounts

= $45,000 +  $630,000 + $18,300 - $25,700 - $10,900

= $67,9900

=> Cost of goods sold =  Total Goods Available for Sale - ending inventory

= $67,9900 - $64,600

= $61,5300

=> Gross Profit = Net sales - Cost of goods sold

= $760,000 - $61,5300

= $144,700

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explanation: