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

question 47

Short Answer

Calculate: (a) net sales, (b) inventory shrinkage, (c) gross profit, and (d) net income from the following:

Sales	$1,300	Cost of Goods Sold (unadjusted)	$1,061
Sales Discount	5	Merchandise Inventory	900
Sales Returns and		Physical Inventory Count	884
Allowances	15	Operating Expenses	100

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Definitions:

Chemoreceptors

Sensory receptors that detect chemical stimuli in the environment or the body, such as in the nose, mouth, and blood vessels.

Electroreceptors

Sensory organs in some aquatic animals that detect electric fields.

Nociceptors

Sensory receptors present chiefly in the skin and viscera that detect harmful stimuli, signaling potential damage to the nervous system.

Electromagnetic Receptors

Sensory receptors in some animals that detect electromagnetic fields, aiding in navigation and prey location.