For 2022 Amaya's Soul Food Catering had total sales of $597,341; sales returns andallowances of $10,514; beginning inventory costs of $38,917; cost of purchases,$261, 053; and year-end inventory of $42,013.Rounded to the nearest dollar (i.e. 12), what are their Net Sales?A• Rounded to the nearest dollar (i.e. 12), what is their Cost of Goods Sold?A• Rounded to the nearest dollar (i.e. 12), what is their Gross Profit?A/

a. Cost of Goods Sold (COGS): This includes all the direct costs associated with the production of…

• Rounded to the nearest dollar (i.e. 12), what are their Net Sales? A Rounded to the nearest dollar (i.e. 12), what is their Cost of Goods Sol A/ .Rounded to the nearest dollar (i.e. 12), what is their Gross Profit?

• Rounded to the nearest dollar (i.e. 12), what are their Net Sales? A Rounded to the nearest dollar (i.e. 12), what is their Cost of Goods Sol A/ .Rounded to the nearest dollar (i.e. 12), what is their Gross Profit?

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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Question

For 2022 Amaya's Soul Food Catering had total sales of $597,341; sales returns and
allowances of $10,514; beginning inventory costs of $38,917; cost of purchases,
$261, 053; and year-end inventory of $42,013.
Rounded to the nearest dollar (i.e. 12), what are their Net Sales?
A
• Rounded to the nearest dollar (i.e. 12), what is their Cost of Goods Sold?
A
• Rounded to the nearest dollar (i.e. 12), what is their Gross Profit?
A/

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