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Use the following figures to compute a Profit & Loss Statement to answer the questions below Customer Returns 9% Gross Sales $516,000 Opening Inventory $220,000
Use the following figures to compute a Profit & Loss Statement to answer the questions below
| Customer Returns | 9% |
|
| Gross Sales | $516,000 |
|
| Opening Inventory | $220,000 |
|
| Salaries (selling/buyers) | $49,700 |
|
| Promotions (departmental) | $20,600 |
|
| Purchases | $249,000 |
|
| Cash Discounts | 1.5% |
|
| Rent | $51,000 |
|
| Closing Inventory | $210,000 |
|
| Maintenance (store) | $10,800 |
|
| Workroom Costs | $7,100 |
|
| Freight Costs | $5,000 |
|
| Insurance (store) | $18,500 |
|
| Buyers Travel | $8,100 |
|
| Return To Vendor | 1% |
|
| Advertising (departmental) | $39,500 |
|
Determine Net sales:
Group of answer choices
$516,000
$296,000
$493,590
$469,560
$562,440
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