1) Prentice Company, Ine. hast cash sales of 594,275, credit sales of 583,450, sales returns and allowances of $1,700, and sales discounts of S$3,475. Prentice's net sales for this ,5 period equal: A) 594,275 B) $177.725 $174,250 $176,025 E)3172,550 2) A company has sales of $375,000 and its gross profit is $157,500. Its cost of goods sold 2)E equals: A) $375,000 B)XS217,000). C) $157,50o. $532,500. 17,500. 3) what is the gross margin ratio formula? nA eS 4) Craig's Snowboards, Inc. uses the perpetual inventory system and had the following sales transactions during June: June 2 Sold merchandise to General Sports Store on credit for $4,800, terms 1/15, n/60. The items sold had a cost of $2,700. eneral Sports Store returned merchandise that had a selling price of $200. The cost of the merchandise returned was $110. June General Sports Store paid for the merchandise sold on June 2 less the return, 13 taking any appropriate discount earned. Prepare the journal entries that Craig's Snowboards, Inc. must make to record these transa Un me