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The following information are given, related to Adma Company: purchases return and allowances: $1,200 Sales Revenue : $980,000 Account receivable: $312,000 supplies :$18,000 purchases discounts
The following information are given, related to Adma Company:
purchases return and allowances: $1,200 Sales Revenue : $980,000 Account receivable: $312,000 supplies :$18,000 purchases discounts : 2,700 Sales Return and Allowances 27,000 Purchases 104,000 Sales discount 19,000 Inventory on 1/1/2022 : 36,000 Inventory on 31/3/2022 :31,000 Account payable: 75,000 Land : 1,250,000 Freight in :15,000
Required:
a. Compute the cost of goods sold
b. Compute the net sales
c. Compute the gross profit
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