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On January 1, 2020, Pharoah Company had inventory of $56,000. At December 31, 2020, Pharoah...

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Accounting

On January 1, 2020, Pharoah Company had inventory of $56,000. At December 31, 2020, Pharoah had the following account balances. Freight-in $ 5,000 Purchases 508,000 Purchase discounts 7,500 Purchase returns and allowances 3,550 Sales revenue 801,500 Sales discounts 5,500 Sales returns and allowances 11,700 At December 31, 2020, Pharoah determines that its ending inventory is $66,000.

(a) Compute Pharoahs 2020 gross profit. Gross profit $enter Gross profit in dollars

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