170

! Required information [The following information applies to the questions[displayed below.] Vitamix reports the following information for its year ended December 31: Cash sales Sales on credit General and administrative expenses Sales returns Cost of goods sold Sales discounts Selling expenses $ 74,000 104,000 24,000 12,400 83,500 3,400 38,000 Use the above information, to compute (a) net sales and (b) gross profit. a. Net sales $ 162,200 78,700 b. Gross profit $