Assume that Swann Company uses a periodic inventory system and has these account balances: Purchases $630,000; Purchase Returns and Allowances $25,000; Purchase Discounts $11,000; and Freight-In...

Assume that Swann Company uses a periodic inventory system and has these account balances:  Purchases $630,000; Purchase Returns and Allowances $25,000; Purchase Discounts $11,000; and Freight-In $19,000; beginning inventory of $45,000; ending inventory of $55,000; and net sales of $750,000.

Instructions:

Determine the
a)
cost of goods sold and
b)Gross profit ( show computations )