Response to the following problem:
A, the end of the accounting period the following information relating to 8 trading business was: Sales, $219,180; Merchandise Inventory December 31, 2002, $46,200; Purchases Returns and Allowances $2,500; Merchandise Inventory, january I, 2002, $52,390; Freight on Purchases, $2,600; Purchases, $97,500.
Determine:
(I) Net purchases
(2) Cost of goods available for sale;
(3) Cost of goods sold, and
(4) Gross profit on sales.