Presented below is financial information for two different companies. Lee Company Chan Company Sales revenue $90,000 (d)

Question:

Presented below is financial information for two different companies.

Lee Company Chan Company Sales revenue $90,000 (d)

Sales returns

(a) $ 5,000 Net sales 81,000 98,000 Cost of goods sold 56,000 (e)

Gross profit

(b) 37,500 Operating expenses 12,000 (f)

Net income

(c) 15,000 Instructions

(a) Determine the missing amounts.

(b) Determine the gross profit rates. (Round to one decimal place.)

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