Question

From the following information, calculate: a. Net sales c. Gross profit from sales b. Cost of merchandise (goods) sold d. Net income Given: Gross sales, $36,000; sales returns and allowances, $2,800; beginning inventory, $5,900; net purchases, $6,800; ending inventory, $5,200; operating expenses, $8,100.

Answer 1

a. Net sales = $30,100

b Gross profit from sales = $22,600

c Cost of merchandize(goods sold) = $7,500

d Net income = $14,500

Step-by-step explanation:

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