What is the amount of net sales? Using the following information, what is the amount ofnet sales?PurchasesPurchases discounts$28,000$1,100Merchandise inventory August 1 $6,000Merchandise inventory August 31 $5,400SalesSales returns and allowancesPurchases returns and allowances $950$1,250$59,500Freight In$890

Step 1: Definition of Net SalesNet Sales refers to total sales revenue minus any sales returns,…

Answered: Using the following information, what…

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

Chapter8: Inventories: Special Valuation Issues

Section: Chapter Questions

Problem 4MC

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Using the following information, what is the amount of gross profit? Purchases $ 27,259 Selling expense $984 Inventory, September 1 6,502 Inventory, September 30 9,589 Administrative expense 820 Sales 52,189 Rent revenue 1,212 Interest expense 988 O $28,017 O $25,949 O $24,172 S886 Pre
Using the following information, what is the amount of gross profit? Purchases $ 30,526 Selling expense $ 769 Inventory, September 1 5,755 Inventory, September 30 10,605 Administrative expense 732 Sales 56,096 Rent revenue 984 Interest expense 1,159 $25,676 $29,932 $30,420 $1,159
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Using the following information, what is the amount of net sales? Purchases Purchases discounts $28,000 $1,100 Merchandise inventory August 1 $6,000 Merchandise inventory August 31 $5,400 Sales Sales returns and allowances Purchases returns and allowances $950 $1,250 $59,500 Freight In $890