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Use the following to answer questions 18 – 21 BY Ic., begins the year with inventory of $36,500 and ends the year with inventory of $45,100. During the year, the following amounts are recorded: Sales $978,500 Sales returns & allowances 14,100 Sales discounts 12,400 Purchases 515,000 214,300 Operating expenses 18. $ Net Sales 19. $ Calculate cost of goods sold 20. $ Gross profit 21. % Gross profit ratio (rounded to once decimal1 place)

Use the following to answer questions 18 – 21 BY Ic., begins the year with inventory of $36,500 and ends the year with inventory of $45,100. During the year, the following amounts are recorded: Sales $978,500 Sales returns & allowances 14,100 Sales discounts 12,400 Purchases 515,000 214,300 Operating expenses 18. $ Net Sales 19. $ Calculate cost of goods sold 20. $ Gross profit 21. % Gross profit ratio (rounded to once decimal1 place)

FINANCIAL ACCOUNTING
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 18,19,20,21
Use the following to answer questions 18 – 21 BY Inc., begins the year with inventory of $36,500 and ends the year with inventory of $45,100. During the year, the following amounts are recorded: Sales $978,500 Sales returns & allowances 14,100 Sales discounts 12,400 Purchases 515,000 Operating expenses 214,300 18. $ Net Sales 19. $ Calculate cost of goods sold 20. $ Gross profit 21. % Gross profit ratio (rounded to once decimal place)
Transcribed Image Text:Use the following to answer questions 18 – 21 BY Inc., begins the year with inventory of $36,500 and ends the year with inventory of $45,100. During the year, the following amounts are recorded: Sales $978,500 Sales returns & allowances 14,100 Sales discounts 12,400 Purchases 515,000 Operating expenses 214,300 18. $ Net Sales 19. $ Calculate cost of goods sold 20. $ Gross profit 21. % Gross profit ratio (rounded to once decimal place)
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