Reference no: EM132537528
Question -
For the third quarter, Micro Tech had gross sales of $315,450, sales returns and allowances of $23,100, and sales discounts of $18,700. What were the net sales?
For August, Island Traders, Inc. had the following financial information: merchandise inventory, August 1, $244,500; merchandise inventory, August 31, $193,440; gross purchases,$79,350;purchase returns and allowances,$8,700;and freight in,$970.
What is the amount of goods available for sale?
What is the cost of goods sold for August?
If net sales were $335,000 what was the gross margin for August?
If the total operating expenses were $167,200, what was the net profit?
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