Calculate net sales and cost of goods sold

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Purchases.....................
250,000
FreightIn.................. 8,000
Sales discounts............. 4,000
Purchase returns........ 7,000
Inventory

Sales...................... 400,000
December 31, 20X1..... 20,000
Purchase discounts.... 3,000
December 31, 20X2..... 30,000
Sales returns............. 8,000
Administrative Expenses 20,000

Calculate net sales, cost of goods sold,gross profit and net income.

Reference no: EM13259468

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