Calculate: (A)net Sales,(b)cost of Goods Sold,(c)gross Profit,and (D)net Income from the Following

question 29

Short Answer

Calculate: (a)net sales,(b)cost of goods sold,(c)gross profit,and (d)net income from the following:
$\begin{array} { l r l r } \text { Sales } & \$ 1,300 & \text { Beginning Inventory } & \$ 11 \\\text { Sales Discount } & 5 & \text { Net purchases } & 1,050 \\\text { Sales Returns \& } & & \text { Ending Inventory } & 16 \\\text { Allowances } & 15 & \text { Operating Expenses } & 100\end{array}$

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A part of a population that accurately mirrors the full population's composition.

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