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

question 142

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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Definitions:

Periosteum

A dense layer of vascular connective tissue enveloping bones except at the surface of the joints.

Collagen Fibers

Strong, fibrous proteins that make up connective tissues, providing support and strength.

Carpal Bone

One of the eight small bones that make up the wrist (carpus) that connects the hand to the forearm, allowing for the wrist's complex range of movement.

Epiphysis

Portion of a bone developed from a secondary ossification center and separated from the remainder of the bone by the epiphyseal plate.