1. On October 20, Cullumber sells merchandise with a cost of $3,840 to Blossom for $6,400 cash. On October 25, Cullumber received returned goods from Blossom and refunds the amount in cash for items that had a selling price of $640 and a cost of $384. Use a tabular summary to record the transactions for Cullumber Company using a perpetual inventory system. Include margin explanations for the changes in revenues and expenses. (Enter negative amounts using either a negative sign preceding the number e.g. -45 or parentheses e.g. (45).)

2. Pharoah Company provides this information for the month ended October 31, 2022: sales on credit $336,000, cash sales $168,000, sales discounts $5,600, and sales returns and allowances $21,280. Prepare the sales section of the income statement based on this information.

3. Pronghorn Corp reported net sales of $256,000, cost of goods sold of $148,480, operating expenses of $56,000, net income of $28,160, beginning total assets of $511,200, and ending total assets of $639,200. Calculate profit margin and gross profit rate.

Profit margin		enter profit margin in percentages %
Gross profit rate		enter gross profit rate in percentages %