Assume Sheridan Company has the following reported amounts: Sales revenue $1,571,000, Sales returns and allowances $46,000, Cost of goods sold $1,029,375, and Operating expenses $338,800. (a) Compute net sales. Net sales $ (b) Compute gross profit. Gross profit $ (c) Compute income from operations. Income from operations $ (d) Compute the gross profit rate. (Round answer to 1 decimal place, e.g. 25.2%.) Gross profit rate % AN

Assume Sheridan Company has the following reported amounts: Sales revenue $1.571,000, 5sles retums and allowances $48,000, (a) Cornpetenet sales (b) Compute iscoss profit. Grossproht s (c) Compute income from operations Income from operations s (d) Compute the grows prafit rate (hound aniwer to f decimal place, es. 25.26) Grossprofitrate