For the fiscal year, sales were $6,750,000, sales discounts were $120,000, sales returns and allowances were $90,000,
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For the fiscal year, sales were $6,750,000, sales discounts were $120,000, sales returns and allowances were $90,000, and the cost of merchandise sold was $4,000,000.
a. What was the amount of net sales?
b. What was the amount of gross profit?
c. If total operating expenses were $1,200,000, could you determine net income?
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a Net sales are calculated by taking total sales and subtracting any discounts and retu...View the full answer
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