Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN: 9781337788281
Author: James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher: Cengage Learning
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Transcribed Image Text:Brightstar Company's financial information is presented
below.
Sales = ?
Cost of Goods Sold = $385,000
Sales Returns and Allowances = $25,000
Gross Profit = ?
Net Sales = $625,000
The missing amounts above are:
a. Sales = $600,000, Gross Profit = $240,000
b. Sales = $650,000, Gross Profit = $240,000
c. Sales = $600,000, Gross Profit = $265,000
d. Sales = $650,000, Gross Profit = $265,000
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