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Hound Dog Bisquits Reported the Following Financial Data for 2016

question 89

Essay

Hound Dog Bisquits reported the following financial data for 2016 and 2017:
20162017 Sales $700,000$600,000 Sales returns and allowances (10,000)(D) Net sales 690,000580,000 Cost of goods sold.  Inventory, January 130,000E Net purchases A340,000 Goods available for sale 250,000380,000 Inventory, December 31(40,000)(30,000) Cost of goods soldBFGross profit CG\begin{array}{lrr}&2016&2017\\\text { Sales } & \$ 700,000 & \$ 600,000 \\\text { Sales returns and allowances } & (10,000)&(D)\\\text { Net sales } & \underline{690,000} & \underline{580,000} \\ \text { Cost of goods sold. } & &\\\text { Inventory, January } 1 & 30,000 & \mathbf{E} \\\text { Net purchases } & \mathbf{A} & 340,000 \\\text { Goods available for sale } & 250,000 & 380,000 \\\text { Inventory, December } 31 & \underline{(40,000)} & (30,000)\\\text { Cost of goods sold}&B&F\\\text {Gross profit }&C&G\\&---&---\end{array}
Provide the answer for each missing letter above.

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Definitions:

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The lowest possible amount, price, or level that something can reach.

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