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Determining amounts for items omitted from income statement
Two items are omitted in each of the following four lists of income statement data. Determine the amounts of the missing items, identifying them by letter.
Sales
$300,000
$600,000
$850,000
$ (g)
Sales returns and allowances
(a)
30,000
(e)
10,000
Sales discounts
20,000
18,000
70,000
25,000
Net sales
250,000
(c)
775,000
(h)
Cost of merchandise sold
(b)
330,000
(f)
400,000
Gross profit
100,000
(d)
300,000
115,000
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