For the fiscal year, sales were $4,125,800, sales discounts were $380,000, sales returns and allowances were $186,750,

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For the fiscal year, sales were $4,125,800, sales discounts were $380,000, sales returns and allowances were $186,750, and the cost of merchandise sold was $2,475,500.
a. What was the amount of net sales?
b. What was the amount of gross profit?

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Accounting

ISBN: 978-0324401844

22nd Edition

Authors: Carl S. Warren, James M. Reeve, Jonathan E. Duchac

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Question Posted: Jul 17, 2012 01:48 AM

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For the fiscal year, sales were $4,125,800, sales discounts were $380,000, sales returns and allowances were $186,750,

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Accounting

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