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Vitamix reports the following information for its year ended December 31: Cash sales $ 66,000 Sales on credit 96,000 General and administrative expenses 20,000 Sales
Vitamix reports the following information for its year ended December 31: Cash sales $ 66,000 Sales on credit 96,000 General and administrative expenses 20,000 Sales returns 11,600 Cost of goods sold 81,500 Sales discounts 2,600 Selling expenses 30,000 Use the above information, to compute (a) net sales and (b) gross profit.
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