Use the following to answer questions 18 – 21BY Inc., begins the year with inventory of $36,500 and endsthe year with inventory of $45,100. During the year, thefollowing amounts are recorded:Sales$978,500Sales returns & allowances14,100Sales discounts12,400Purchases515,000Operating expenses214,30018. $Net Sales19.$Calculate cost of goods sold20. $Gross profit21.% Gross profit ratio (rounded to oncedecimal place)

Name: Use the following to answer questions 18 – 21BY Inc., begins the year
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Description: Use the following to answer questions 18 – 21BY Inc., begins the year with inventory of $36,500 and endsthe year with inventory of $45,100. During the year, thefollowing amounts are recorded:Sales$978,500Sales returns & allowances14,100Sales discoun

Calculation of net sales, cost of goods sold, gross profit, and gross profit ratio are as follows

Answered: 18. $ Net Sales 19. $ Calculate cost of…

Business

Accounting

18. $ Net Sales 19. $ Calculate cost of goods sold 20. $ Gross profit 21. % Gross profit ratio (rounded to once decima1 place)

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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