Blue Ridge Furniture Co. reported the following information for the fiscal year: Sales: $6,250,000 Sales Discounts: $550,000 Sales Returns and Allowances: $400,000 Cost of Merchandise Sold: $3,800,000 a. What was the amount of net sales? b. What was the amount of gross profit?

Blue Ridge Furniture Co. reported the following information for the fiscal year: Sales: $6,250,000 Sales Discounts: $550,000 Sales Returns and Allowances: $400,000 Cost of Merchandise Sold: $3,800,000 a. What was the amount of net sales? b. What was the amount of gross profit?

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter5: The Income Statement And The Statement Of Cash Flows

Section: Chapter Questions

Problem 2MC: The following information is available for Cooke Company for the current year: The gross margin is...

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General Accounting

Blue Ridge Furniture Co. reported the following information for the
fiscal year:
Sales: $6,250,000
Sales Discounts: $550,000
Sales Returns and Allowances: $400,000
Cost of Merchandise Sold: $3,800,000
a. What was the amount of net sales?
b. What was the amount of gross profit?

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