Question

the trial balance of blossom company at the end of its fical year, August 31, 2022, includes these accounts: Beginning Inventory $22900; Purchases $180980; Sales Revenue $188900; Freight-In $7580; Sales Returns and Allowances $3640; Freight-Out $2900; and Purchase Returns and Allowances $5890. The ending inventory is $23300

Answer 1

The total Gross profit is  =   31,300

What is Trail balance?

The general ledger accounts in a business's ledger are listed in a trial balance. The names of each nominal ledger account and their respective balances will be listed along with this list. Either a debit balance or a credit balance will be present in each nominal ledger account.

What is trial balance and its importance?

A trial balance is a report that details the total ledger balance of all accounts in a company. Debit and credit are the two columns. Financial statements like the Profit and Loss Account and Balance Sheet are created using the trial balance, which is created at the end of the fiscal year.

According to the given information:

Beginning Inventory                         18,700

Purchases                                       154,000

Freight-In                                            8,000

Purchase Returns and Allowances (5,000)

Ending inventory                           (21,000)  

COGS                                               154,700

Sales Revenue                            190,000

Sales Returns and Allowances     (3,000)

Freight-Out                                    (1,000)  

Net Sales:                                    186,000

Gross Profit: 186,000 - 154,700 = 31,300

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