Solution-What was the amount of gross profit

What was the amount of gross profit

Reference no: EM132680241

Problem - Income statement for merchandiser

For the fiscal year, sales were $6,750,000, sales discounts were $120,000, sales returns and allowances were $90,000, and the cost of merchandise sold was $4,000,000.

a. What was the amount of net sales?

b. What was the amount of gross profit?

c. If total operating expenses were $1,200,000, could you determine net income?

Reference no: EM132680241

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What was the amount of gross profit

Reference no: EM132680241

Reference no: EM132680241

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