Assume Adams Company has the following reported amounts: Sales revenue $510,000, Sales returns and allowances $15,000; Cost

Question:

Assume Adams Company has the following reported amounts: Sales revenue $510,000, Sales returns and allowances $15,000; Cost of goods sold $330,000, Operating expenses $110,000. Compute the following:
(a) Net sales,
(b) Gross profit,
(c) Income from operations, and
(d) Gross profit rate. (Round to one decimal place)