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

Question:

From the following, calculate
(a) Net sales,
(b) Cost of goods sold,
(c) Gross profit, and
(d) Net income: Sales, $22,000; Sales Discount, $470; Sales Returns and Allowances, $240; Beginning Inventory, $640; Net Purchases, $13,500; , $510; Operating Expenses, $3,300.
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 =...