Operating expenses$ 59000Sales returns and allowances3000Sales discounts5000Sales revenue198000Cost of goods sold87000The gross profit rate would be 0.46.0.56.0.54.0.52.

Net sales = Sales revenue - Sales discounts - Sales returns and allowances Net sales = 198000 - 5000…

Answered: Operating expenses $ 59000 Sales…

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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Operating expenses	$ 59000
Sales returns and allowances	3000
Sales discounts	5000
Sales revenue	198000
Cost of goods sold	87000

Operating expenses $ 59000 Sales returns and allowances 3000 Sales discounts 5000 Sales revenue 198000 Cost of goods sold 87000 The gross profit rate would be 0.46. 0.56. 0.54. 0.52.