From the Following Data,calculate the Amount of Gross Margin and Gross

Short Answer

From the following data,calculate the amount of gross margin and gross purchases.
$\begin{array}{llr} \text { Ending Merchandise Inventory} &\$128\\ \text { Purchases Returns and Allowances } &32\\ \text {Beginning Merchandise Inventory } &160\\ \text { Sales } &1,280\\ \text { Freight-In } &96\\ \text { Cost of Goods Sold } &778\\\text { Purchases Disconuts }&16\end{array}$