Hound Dog Bisquits Reported the Following Financial Data for 2016

question 3

Essay

Hound Dog Bisquits reported the following financial data for 2016 and 2017:
$\begin{array}{lrr}&\underline{2017}&\underline{2018}\\\text { Sales } & \$ 700,000 & \$ 600,000 \\\text { Sales returns and allowances } & \underline{(10,000)} &\underline{\text{D}} \\\text { Net sales } & \underline{690,000} & \underline{580,000}\\ \text { Inventory, January } 1 & 30,000 & \underline{\text { (E) }} \\ \text { Net purchases } & \underline{(A) }& \underline{340,000 }\\\text { Cost of goods avail able for sale } & \$ 250, 000 & \$ 380,000 \\\text { nventory, December } 31 & \underline{(40,000) }&\underline{ (30,000) }\\\text { Cost of goods sold } & \underline{(\mathrm{B}) }& \underline{(\mathrm{F})} \\ \text { Gross profit } &\underline{ \text { (C) }} &\underline{ (G)} \\\end{array}$
Provide the answer for each missing letter above.

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Definitions:

Iraq's Oil Refineries

Facilities in Iraq where crude oil is processed and refined into more useful petroleum products like gasoline and diesel.

Destroyed

Refers to something that has been severely damaged or ruined, often beyond repair or restoration.

Production Efficiency

A state in which goods and services are produced at the lowest possible cost while not wasting any resources.

Unemployment

The situation of being without a job while actively looking for employment.