Two items are omitted in each of the following four lists of income statement data. Determine the
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Two items are omitted in each of the following four lists of income statement data. Determine the amounts of the missing items, identifying them by letter.obj. 3
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Sales $400,000 $500,000 $1,000,000 $ (g) Sales returns and allowances (a) 15,000 (e) 30,500 Sales discounts 20,000 8,000 40,000 37,000 Net sales 350,000 (c) 910,000 (h) Cost of merchandise sold Gross profit (b) 285,000 (f) 540,000 200,000 (d) 286,500 150,000
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