1. For the third quarter, Micro Tech had gross sales of $315,450, sales returns and allowances of $23,100, and sales discounts of $18,700. What were the net sales?

1. For August, Island Traders, Inc. had the following financial information: merchandise inventory,August 1, $244,500; merchandise inventory,August 31, $193,440; gross purchases,$79,350;purchase returns and allowances,$8,700;and freight in,$970.

• What is the amount of goods available for sale?
• What is the cost of goods sold for August?
• If net sales were $335,000 what was the gross margin for August?
• If the total operating expenses were $167,200, what was the net profit?