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
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