[The Following Information Applies to the Questions Displayed Below

question 55

Multiple Choice

[The following information applies to the questions displayed below.]
Soriano Company had net sales of $300,000 for the month (after returns and allowances of $1,500 and sales discounts of $3,250) .Beginning inventory for the month was $60,000;purchases for the month were $175,000;and gross profit was 43%.
-Refer to the information above.What were the gross sales for the month?

• A)$129,000
• B)$171,000
• C)$300,000
• D)$304,750

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Definitions:

Compensation

Payment or remuneration received by an individual for services performed, which can include wages, salaries, bonuses, and commissions.

Coverdell Education Savings Account

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