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compute for the missing items. NET SALES Sales $800,000 Sales discounts 20,000 Sales returns and allowances Net Sales 735,000 ? 2,500 NET PURCHASES Purchases $400,000
compute for the missing items.
NET SALES Sales $800,000 Sales discounts 20,000 Sales returns and allowances Net Sales 735,000 ? 2,500 NET PURCHASES Purchases $400,000 Freight-in 20,000 Purchase discounts ? Purchase returns and allowances Net purchases 413,500 COST OF GOODS SOLD Beginning inventory $85,400 Ending inventory 74,500 Cost of goods sold GROSS PROFIT Gross profit ? TOTAL EXPENSES Rent $36,000 Salaries 145,700 Utilities 12,300 Freight-out ? Other 24,100 Total expenses 242,200 NET INCOME Net incomeStep by Step Solution
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