(a) Net Sales = $ Gross Sales - $ Customer Returns= $583,260 - ($583,260 x 8.65%)= $583,260 - $50,452= $532,808(b) Cost of Merchandise Sold % = Net Sales% - Gross Margin%= 100.00% - 51.65%= 48.35%(c) Cost of Merchandise Sold = $ Net Sales x Cost of Merchandise Sold%= $532,808 x 48.35%= $257,613(d) Gross Margin = $ Net Sales - $ Cost of Merchandise Sold= $532,808 - $257,613= $275,195(e) Profit = $ Gross Margin - $ Expenses= $275,195 - $251,870= $23,325Corresponding Percent:() Expense % = $ Expenses + $ Net Sales= $251,870 + $532,808= 47,27%(g) Profit % = $ Profit + $ Net Sales= $23,325 + $532,808= 4.38%Practice Problems • Exercise 3.21. Determine net sales if gross sales were $98,656 and customer retuns were 4.8%.2. Net sales were $126,810; customer returns totaled $6,080. Calculate customer returns percent.3. Gross sales were $236,438; net sales were $224,176. Determine customer return percent.4. Last week, Ms. Smith had gross sales of $986.35. Her customer returns totaled $112. Calculate theof sales returned.Back to page 8

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Essentials Of Investments

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Chapter1: Investments: Background And Issues

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In a common-sized income statement, 100% is the a. net cost of goods sold b. gross profit c. sales d. net income
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1. Determine net sales if gross sales were $98,656 and customer returns were 4.8%. 2. Net sales were $126,810; customer returns totaled $6,080. Calculate customer returns percent. 3. Gross sales were $236,438; net sales were $224,176. Determine customer return percent.