Question 3 (1 point) The Royal Ribbon Company had the following records: Gross Sales = $174,000 Customer returns and allowances = 13% Cost of Merchandise =61% Operating Expenses =$85,750 What is the net profit or loss percentage? Your Answer: Answer units Question 4 (1 point) Find the gross margin as a dollar amount. Gross Sales $240,000 Customer Returns and Allowances $16,500 Opening inventory at cost $45,000 Billed cost of goods $110,000 Inward transportation $5,000 Cash Discount $6,100 Closing inventory at cost $37,500 - Payroll $48,900 Occupancy $33,000 Wrapping and packing $1,250 Utilities $3,000 Delivery $3,120 YOUT Answer: Question 5 (1 point) The net sales of the store were $517,060. The customer returns and allowances were 11.0%. What were the gross sales of the department? Your Answer: Answer Question 6 (1 point) Skeletal statements help us better understand the relationship between sales volume, cost of merchandise sold and expenses which are the basic factors found in an income statement. True