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Compute the amounts for aerosmith company

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Reference no: EM13550310

Aerosmith Company's accounting records show the following at year-end: Purchase discounts, $3,400; Freight-in, $6,100; Sales, $240,000; Purchases, $162,500; Beginning inventory, $18,000; Ending inventory, $20,000; Sales discounts, $10,000; Purchase returns, $5,200; and Operating expenses, $57,000. Compute the following amounts for Aerosmith Company: net sales, cost of goods purchased, cost of goods sold, gross profit, and net income.

Reference no: EM13550310

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