From the following, calculate (a) Net sales, (b) Cost of goods sold, (c) Gross profit, (d) Net

Question:

From the following, calculate
(a) Net sales,
(b) Cost of goods sold,
(c) Gross profit,
(d) Net income: Sales, $21,800;
Sales Discount, $500; Sales Returns and Allowances, $270; Beginning Inventory, $660; Net Purchases, $13,100; , $560; Operating Expenses, $3,700.

Ending Inventory
The ending inventory is the amount of inventory that a business is required to present on its balance sheet. It can be calculated using the ending inventory formula Ending Inventory Formula =...