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For the fiscal year, sales were $5,280,000, sales discounts were $100,000, sales returns and allowances were $75,000, and the cost of the merchandise sold was $3,000,000. a. What was the amount of net sales? b. What was the amount of gross profit?

For the fiscal year, sales were $5,280,000, sales discounts were $100,000, sales returns and allowances were $75,000, and the cost of the merchandise sold was $3,000,000. a. What was the amount of net sales? b. What was the amount of gross profit?

Intermediate Accounting: Reporting And Analysis
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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For the fiscal year, sales were $5,280,000, sales discounts were $100,000, sales returns and allowances were $75,000, and the cost of the merchandise sold was $3,000,000. a. What was the amount of net sales? b. What was the amount of gross profit?
Transcribed Image Text:For the fiscal year, sales were $5,280,000, sales discounts were $100,000, sales returns and allowances were $75,000, and the cost of the merchandise sold was $3,000,000. a. What was the amount of net sales? b. What was the amount of gross profit?
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