Hound Dog Bisquits Reported the Following Financial Data for 2016

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.