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

question 138

Essay

Using the following information,calculate for 2010 (a)net sales,(b)cost of goods sold,(c)gross margin,and (d)net income.
$\begin{array}{lr}\text { Freight-In } & \$ 11,400 \\\text { Merchandise Inventory, December 31, } 2009 & 130,000 \\\text { Sales } & 320,000\\\text { Purchases Returns and Allowances } & 1,600 \\\text { Advertising Expense } & 18,000 \\\text { Purchases } & 140,000 \\\text { Merchandise Inventory, December 31, } 2010 & 110,000 \\\text { Sales Returns and Allowances } & 11,000 \\\text { General and Administrative Expenses } & 114,000\end{array}$

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