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2. Answer the questions using the information below. The fiscal period begins on May 1, 2021. Capital Drawings Freight In Freight Out Inventory (May 1,

2. Answer the questions using the information below. The fiscal period begins on May 1, 2021. Capital Drawings Freight In Freight Out Inventory (May 1, 2021) Purchases Purchase Returns and Allowance Inventory (April 30, 2022) Sales Sales Return and Allowances 28,000 8,110 3,920 76,912 415,000 c) What is Gross Profit formula and answer? 7,200 88,399 918,000 18,000 178,600 a) What is the Net Sale formula and answer? 918,000-18000= 900,000 b) What is Cost of Goods Available for Sale formula and answer?
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2. Answer the questions using the information below. The fiscal period begins on May 1, 2021. b) What is Cost of Goods Available for Sale formula and answer? c) What is Gross Profit formula and

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