Determine amounts for items omitted from income statement

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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

Reference no: EM13554726

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