Taste Best Company Uses the Periodic Inventory System

Short Answer

Taste Best Company uses the periodic inventory system. It has compiled the following information in order to prepare the financial statements at the end of 20X2:
$$\begin{array}{l}\begin{array} { | l | r | } \hline \text { Gross sales during 20X2 } & \$ 1,400,000 \\\hline \text { Sales returns and allowances during 20X2 } & 20,000 \\\hline \text { Beginning inventory, January 1, 20X2 } & 70,000 \\\hline \text { Ending inventory, December 31, 20X2 } & 60,000 \\\hline \text { Purchases during 20X2 } & 730,000 \\\hline & \\\hline\end{array}\\\text { Calculate the following amounts: }\\\\\begin{array} { | l | l | } \hline \text { A. Goods available for sale } & \$\underline{\quad\quad} \\\hline \text { B. Cost of goods sold } & \$\underline{\quad\quad} \\\hline \text { C. Gross margin on sales } & \$\underline{\quad\quad} \\\hline\end{array}\end{array}$$