I have the inventory plus the total purchases made and don't have a ending inventory yet. I began with inventory of: 268,000 and added net pruchase of 7,661,000. Now cost of goods sold would be ? To get my ending inventory. Also I need to do a income statement through the gross profit.


Inventory $268,000
Transactions for the month
Purchases $7,661,000
Purchase discounts $ 171,000
Purchase returns $32,000
Sales $ 8,788,000
Sales returns $35,000