As the accountant of Fun Slide Co., you have been asked to calculate Net sales Cost of merchandise sold Gross profit Net income from the following: gross sales, $45,000 sales returns, $2000 beginning inventory, $5,000 net purchases, $8,000 ending inventory, $2,000 operating expenses, $9,200 Please explain the steps you take for your calculations

As the accountant of Fun Slide Co., you have been asked to calculate Net sales Cost of merchandise sold Gross profit Net income from the following: gross sales, $45,000 sales returns, $2000 beginning inventory, $5,000 net purchases, $8,000 ending inventory, $2,000 operating expenses, $9,200 Please explain the steps you take for your calculations

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter10: Inventory

Section: Chapter Questions

Problem 6TP: Use a spreadsheet and the following excerpts from Hileah Companys financial information to build a...

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