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On January 1, 2010, Rachael Ray Corporation had merchandise inventory of $50,000. At December 31, 2010, Rachael Ray had the following account balances.
Purchases500,000
Purchase discounts6,000
Purchase returns and allowances 2,000
Sales 800,000
Sales discounts $ 4,000
Freight-in 5,000
Sales returns and allowances 10,000
At December 31, 2010, Rachael Ray determines that its ending inventory is $60,000.
Instructions
Problem (a) Compute Rachael Ray's 2010 gross profit.
Problem (b) Compute Rachael Ray's 2010 operating expenses if net income is $130,000 and there are no non-operating activities
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