Compute the missing values

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Reference no: EM131014126

Partial information follows about net sales, net purchases, cost of goods sold, gross profit, total expenses and net income for Jensen Company. Compute the missing values. Net Sales Sales $2,500,000 Sales discounts 62,000 Sales returns & allowances ? Net sales $2,305,000 Net Purchases Purchases $1,500,000 Freight-in 65,000 Purchase discounts ? Purchase returns & allowances 8,000 Net purchases $1,475,000 Cost of Goods Sold Beginning inventory $ 256,300 Ending inventory 223,600 Cost of goods sold ? Gross Profit Gross profit ? Total Expenses Rent $ 108,100 Salaries 437,200 Utilities 37,000 Freight-out ? Other 72,500 Total expenses $ 726,900 Net Income Net income

Reference no: EM131014126

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