How to calculate gross profit and cost of goods sold?

• purchase order financing
• retailers inventory
• guardian alarm system

Assume that Guardian Company uses a periodic inventory system and has these account balances: Purchases $430,000; Purchase Returns and Allowances $13,000; Purchase Discounts $8,000; and Freight-in $16,000. Guardian Company has beginning inventory of $60,000, ending inventory of $90,000, and net sales of $680,000.


Determine the amounts to be reported for cost of goods sold and gross profit.



can some tell me how to find these numbers? like set up a formula or something?? thanks!!

How to calculate gross profit and cost of goods sold?