Question

trying to find gross profit

M6-7 Recording Journal Entries for Purchases and Sales Using a Perpetual Inventory System [LO 6-3, LO 6 IThe following information applies to the questions displayed below Inventory at the beginning of the year cost $12.800. During the year, the company purchased (on account) inventory costing $81,000. Inventory that had cost $77,000 was sold on account for $92.60o. At the end of the year, inventory was counted and its cost wes determined to be $16,800. References M6-7 Recoring Journal Entries for Purchbsest end Sales Using a Perpetual Inventory system Section Break 4. 0.25 points M6-7 Part a & b Show the cost of goods sold equaton using these numipers