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What cost of goods sold for the period is

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Reference no: EM132932044

Using the following information to answer items 11 thru 15.

Sales 500,000, Sales Returns 10,000,

Sales Discounts 10,000, Purchases 130,000

Purchase returns 10,000, Purchase discounts 20,000

Freight In 20,000, Selling expenses 50,000

General expenses 170,000, inventory-beg 27,000

Inventory-end 20,000

Problem 1: Net sales for the period are

a. $500,000

b. $480,000

c. $490,000

d. $520,000

Problem 2: Net purchases for the period are

a. $100,000

b. $120,000

c. $150,000

d. $160,000

Problem 3: Cost of goods sold for the period is

a. $147,000

b. $107,000

c. $127,000

d. none of the above

Problem 4: Gross Margin for the period is

a. $353,000

b. $333,000

c. $303,000

d. none of the above

Problem 5: Net income for the period is

a. $113,000

b. $133,000

c. $126,000

d. none of the above

Reference no: EM132932044

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