3) Answer the following questions:

• Given the following information, answer the questions below

  • • Sales $350,000
    • COGS $115,000
    • Sales Discount $25,000
    • Sales Returns and Allowances $12,000
    • Net Income is $31,000
  • What are Net Sales?
  • What is Gross Margin (aka Gross Profit)?
  • What is Gross Profit %
  • What is Net Income %
  • Please show the formulas and steps needed to solve please.