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Calculate the cost of goods sold and gross profit on sales

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Reference no: EM131870166

Question - The following items appeared on the income statement of a merchandising concern:

Transportation-In $ 3,000

Merchandise Inventory, December 31, 2001 35,000

Purchases 280,000

Net Sales 300,000

Cost of goods available for sale 282,000

Sales discounts 2,000

Sales returns and allowances 18,000

Net purchases 257,000

Purchases returns and allowances 20,000

Calculate the following items (show all work):

a. Sales $_________

b. Merchandise inventory, January 1, 2001 $_________

c. Purchases discounts $_________

d. Cost of Goods Sold $_________

e. Gross profit on Sales $_________

Reference no: EM131870166

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