Using the Following Information,calculate for 2010 (A)net Sales,(b)cost of Goods

question 66

Essay

Using the following information,calculate for 2010 (a)net sales,(b)cost of goods sold,(c)gross margin,and (d)net income.
$\begin{array}{lr}\text { Freight-In}&\$200\\\text { Merchandise Inventory, December 31, 2009}&15,000\\\text { Sales}&60,000\\\text { Purchases Returns and Allowances}&300\\\text { Advertising Expense}&4,000\\\text { Purchases } & 20,000 \\\text { Merchandise Inventory, December 31, } 2010 & 5,000 \\\text { Sales Returns and Allowances } & 500 \\\text { General and Administrative Expenses } & 7,000\end{array}$

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