Using the followlng Information, answer the questions. Net sales $198,000 Purchases 92,000 Purchases returns and allowances 1,800 Purchases discounts 1,250 Frelght-In Merchandise Inventory, beglnning of perlod Merchandise Inventory, end of perlod 1,590 63,000 37,000 Determine the cost of goods sold. Cost of Goods Sold Section Net purchases Cost of goods sold Determine the gross profit.

Using the following data, how should the merchandise be valued under lower of cost or market?Original cost                                $1,350Estimated selling price                   1,475Selling expenses                             180

The following accounts and balances are taken from the books of Bosox Company which             uses the periodic inventory system.                                         Sales     $470,000       Sales returns and allowances     15,000       Sales discounts     2,500       Purchases     255,000       Purchases returns and allowances     18,000       Purchases discounts     5,000       Transportation-In     1,500       Operating expenses     125,000                     Beginning inventory     $40,000       Ending inventory     35,000                     a. Calculate the cost of good sold             b. Calculate the gross profit             c. Calculate the net income

Using the information below, calculate Gross Profit: Sales Revenue $5,000 Sales Discounts $664 Sales Returns and Allowances $357 Cost of Goods Sold $1,306 Inventory $1,451

Using the following information, what is the amount of net income? Purchases $ 25,599 Selling expenses $ 838 Merchandise inventory, September 1 6,382 Merchandise inventory, September 30 11,356 Administrative expenses 765 Sales 47,294 Rent revenue 908 Interest expense 1,144 O a. $27,118 Ob. $24,830 Oc. S18,448 Od. S36,186

Calculate the correct gross profit for 20xx

Below are some of the account balances of FDN Company. Purchases P 1,269,500 Purchase returns and allowances 59,725 Freight in 33,800 Freight out 28,950 Beginning inventory 289,150 Cost of goods sold 1,232,825 How much is the total cost of goods available for sale?

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