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Net Sales Based on the following, calculate net sales:
Purchases $ 99 Sales Discount $15
Gross Sales 179 Operating Expenses 45
Sales Returns and Allowances 13
Cost of Goods Sold Calculate Cost of Goods Sold:
LO1 (5 min)
Freight-In $3
Ending Inventory $ 2
Beginning Inventory 6
Net Purchases 65
Gross Profit and Net Income From the following information, calculate:
Gross profit Net income or net loss Purchases, $98;
Gross Sales, $180;
Sales Returns and Allowances, $17;
Sales Discounts, $23;
Operating Expenses, $46;
Net Sales, $140;
Freight-In, $8;
Beginning Inventory, $16;
Ending Inventory, $5;
Net Purchases, $65;
Cost of Goods Sold, $84
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