McMillan Company uses the periodic inventory system. It has compiled the following information in order to prepare the financial statements at December 31, 2016: 
Required:
Calculate each of the following:
A.Cost of goods available for sale
B.Cost of goods sold
C.Gross profit
Definitions:
Specialised Equipment
Equipment designed for a specific purpose or unique task, often requiring specific skills or technology to operate effectively.
Fixed Overhead
Costs associated with operating a business that do not change in relation to production volume or sales, such as rent, salaries, and insurance.
Units of Production
A measure of output where production volume is quantified in terms of individual units produced.
Monthly Fixed Costs
Regular, unchanging expenses incurred by a business each month regardless of the level of production or sales, such as rent, salaries, and insurance premiums.
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