Based on the following, calculate net sales:

Purchases $ 99 Sales Discount $15

Gross Sales  179 Operating Expenses 45

Sales Returns and Allowances 13

Cost of Goods Sold Calculate Cost of Goods Sold:

LO1 (5 min)

Freight-In $3

Ending Inventory $ 2

Beginning Inventory  6

Net Purchases  65

Gross Profit and Net Income From the following information, calculate:

Gross profit Net income or net loss Purchases, $98;

Gross Sales, $180;

Sales Returns and Allowances, $17;

Sales Discounts, $23;

Operating Expenses, $46;

Net Sales, $140;

Freight-In, $8;

Beginning Inventory, $16;

Ending Inventory, $5;

Net Purchases, $65;

Cost of Goods Sold, $84