on january 1, 2015, christel madan corporation had inventory of

Project Description:

on january 1, 2015, christel madan corporation had inventory of $50,000. at december 31, 2015, christel madan had the following account balances.freight-in ………………………………………. $ 4,000purchases ………………………………………. 509,000purchase discounts ……………………………. 6,000purchase returns and allowances ……………… 2,000sales revenue ………………………………….. 840,000sales discounts ………………………………… 5,000sales returns and allowances ………………….. 10,000at december 31, 2015, christel madan determines that its ending inventory is $60,000.instructions(a) compute christel madan’s 2015 gross profit.(b) compute christel madan’s 2015 operating expenses if net income is $130,000 and there are no nonoperating activities.
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