1- Germany Cameras sold merchandise for $67,000 cash during the month of July. Returns that month totaled $1,600. If the company's gross profit rate is 40%, Germany will report monthly net sales revenue and cost of goods sold of: O 1) $76,000 and $45,600. 0 2) $74,400 and $44,640. 0 3) $65,400 and $39,240. 04) $76.000 and $44,640.

2- Quarter Company's accounting records show the following at the year ending on December 31, 2012. Purchases 300.010 Beginning Inventory 23,500 Ending Inventory 28,800 Purchase Returns 6 400 57 Using the periodic system, the cost of goods sold is (1) $288,310 0 2) $309,510 (3) $298,910 04) $290,510

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