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Taras Treasures has the following balances: Sales $550,000 CR Cost of Goods Sold $230,000 DR Sales Returns and Allowances $50,000 DR Freight/Shipping Expense $25,000 DR

Taras Treasures has the following balances:

Sales $550,000 CR

Cost of Goods Sold $230,000 DR

Sales Returns and Allowances $50,000 DR

Freight/Shipping Expense $25,000 DR

Sales Discount $10,000 DR

Accounts Receivable $250,000 DR

Calculate the following balances:

What is the Net Sales?

What is the Gross Profit?

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