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

question 133

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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Definitions:

Xiphoid Process

The smallest and lowermost part of the sternum, cartilaginous in young individuals but ossified in adults.

Bony Feature

A characteristic or distinct aspect of the skeletal system, often referring to landmarks or projections on bones.

Soft Tissue

Refers to the tissues that connect, support, or surround other structures and organs of the body, not including bones.

Lateral Malleolus

The bony prominence on the outer side of the ankle, formed by the lower end of the fibula.