The following is a list of the accounts and their balances for Kwantlen Inspirations (a proprietorship owned by Jack Kwantlen) on March 31, 202X. The company uses a periodic inventory system.

Instructions - The following questions are based on a multi-step income statement for the year ended March 31, 202X

Part A: What was Net Sales for the year?

$1,450,000

$1,425,700

$1,441,000

$4,459,000

Part B: What was Cost of Goods Sold for the year?

$759,500

$751.300

$767,700

$673,300

Part C: What was Gross Profit for the year?

$673,300

$776,700

$767,700

$682,300

Part D: What was Total Operating Expenses for the year?

$439,100

$462,700

$436,900

$470,700

Inventory, Beginning. Kwantlen, Capital Interest Expense. Purchases.... Kwantlen, Drawings Prepaid Insurance. Salary Expense. Sales Returns and Allowances Freight in........ Investment Revenue. Rent Expense Sales Revenue Purchase Discounts Inventory, Ending Insurance Expense Supplies....... Unearned Revenues 45.100 159,000 23,600 742,000 25,000 5,000 337.000 9,000 32.800 8.000 98,600 1,450,000 15,300 36,900 3,500 105,000 16,000