Question

Zeta Electric uses the periodic inventory system. Zeta reported the following selected amounts at May 31, 2016:
Merchandise Inventory, June 1, 2015 ..... $ 16,500
Merchandise Inventory, May 31, 2016 .... 24,000
Purchases .............. 90,000
Purchase Discounts ........... 4,500
Purchase Returns and Allowances ..... 6,500
Freight In ............... $ 7,000
Sales Revenue .............. 172,000
Sales Discounts ........... 7,000
Sales Returns and Allowances ....... 14,000
Common Stock ........... 32,000
Retained Earnings ........... 17,000
Compute the following for Zeta:
a. Net sales revenue.
b. Cost of goods sold.
c. Gross profit.


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  • CreatedJune 12, 2015
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