Selected amounts from the accounting records of DeGaulle Lock and Safe Company had these balances at November 30 of the current year:

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1. Show the computation of DeGaulle's net sales, cost of goods sold, and gross margin for the year ended November 30 of the current year.
2. Charles DeGaulle, principal stockholder and manager of DeGaulle Lock and Safe Company, strives to earn a gross margin percentage of 25 percent. Did he achieve this goal?
3. Did the rate of inventory turnover reach the industry average of 3.4 ?
4. How will what you learned in this problem help you manage a business?

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Accumulated depreciation-furniture and fixtures.......... Note payable.... Purchase discounts Sales discounts.. General expenses. Accounts receivable. $ 13,600 14,000 600 2,100 19,300 7,200 Purchases of inventory. 132,000 Selling expenses. 8,800 Furniture and fixtures. 37,200 Purchase returns and allowances. 900 Salary payable....... 300 Retained earnings 52,800 Sales revenue.. 184,600 Sales returns and allowances. 3,200 Inventory: November 30, 19X0 41,700 November 30, 19X1. 41,500 Accounts payable. 9,500 Cash 3,700 Freight in 1,600