The following data was taken from the Metropolitan University, Inc. Income Statement: Cost of good solds $30,000 Purchases returns and allowances 1,500 Sales returns and allowances 3,750 Gross profit 25,000 Selling expenses 9,000 Net income 10,750 Transportation-in 1,250 Purchases 35,000 Ending inventory 8,790 REQUIRE Compute (ignore taxes): a. Sales b. Bengining inventory c. General and administrative expenses
The following data was taken from the Metropolitan University, Inc. Income Statement:
Cost of good solds $30,000
Purchases returns and allowances 1,500
Sales returns and allowances 3,750
Gross profit 25,000
Selling expenses 9,000
Net income 10,750
Transportation-in 1,250
Purchases 35,000
Ending inventory 8,790
REQUIRE
Compute (ignore taxes):
a. Sales
b. Bengining inventory
c. General and administrative expenses
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