Calculate: (A) Net Sales, (B) Inventory Shrinkage, (C) Gross Profit

question 76

Short Answer

Calculate: (a) net sales, (b) inventory shrinkage, (c) gross profit, and (d) net income from the following:
$$\begin{array} { l r l r } \text { Sales } & \$ 3,000 & \text { Cost of Goods Sold (unadjusted) } & \$ 2,000 \\\text { Sales Discount } & 50 & \text { Merchandise Inventory } & 1,400 \\\text { Sales Returns and } & & \text { Physical Inventory Count } & 1,350 \\\text { Allowances } & 80 & \text { Operating Expenses } & 300\end{array}$$

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Definitions:

Tolerance

is the diminished response to a substance (like drugs or alcohol) due to repeated exposure, often leading to the need for larger doses to achieve the same effect.

Drug Doses

The specified quantities of medication to be taken at particular times to treat or prevent illness.

Critical Judgment

The capacity to assess situations or problems carefully and to make well-reasoned evaluations or judgements.

Inhibition

The process of restraining or decreasing the likelihood of a behavior or action, often used in the context of neurological and psychological responses.