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How much are net sales for Alpha Company

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Question - Alpha Company provided the following data concerning its income statement: sales, $1,000,000; purchases, $400,000; beginning inventory, $250,000; ending inventory, $275,000; operating expenses, $95,000; freight-in, $5,000; sales discounts, $20,000; purchases discounts, $15,000; sales returns & allowances, $120,000; and purchases returns & allowances, $45,000. The data are complete and provide the basis for preparation of an income statement.

Required -

a. How much are net sales for Alpha Company?

b. How much is cost of goods sold?

c. How much is net income?

Reference no: EM132530212

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