3) Complete as much of these schedules as you can:
| (a) Beg. Inventory | 100 | $ 500 | $ 50,000 |
| Purchase #1 | 220 | $ 600 | 132,000 |
| Purchase #2 | 180 | $ 650 | 117,000 |
| Returns | (265) | $ 600 | (159,000) |
| Purchase #3 | 110 | $ 700 | 77,000 |
| Cost of Goods Available | ___ | $_________ | |
| Sales | 200 | ||
| Ending inventory is valued at FIFO, what is it? | ____ | $__________ |
(b) Calculate net purchases
| Gross Purchases from vendors | $ | ||
| Returns | _______ | ||
| Net Purchases | $ _______ |
(c) Calculate Cost of Goods Sold (COGS)
| Beginning Inventory | 100 | $ | |
| Net Purchases | 245 | _______ | |
| Cost of Goods Available | ___ | $ ______ | |
| Ending Inventory | 145 | _______ | |
| Cost of Goods Sold | $ ______ |
(d) Calculate Gross Profit
| (a) Net Sales | ______ | $ 800 | $______ |
| COGS | ______ | ||
| Gross Profit | $ ______ |
