For the fiscal year, sales were $5,280,000, sales discounts were $100,000, sales returns and allowances were $75,000,

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For the fiscal year, sales were $5,280,000, sales discounts were $100,000, sales returns and allowances were $75,000, and the cost of merchandise sold was $3,000,000.
a. What was the amount of net sales?
b. What was the amount of gross profit?

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Accounting

ISBN: 978-0324662962

23rd Edition

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

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Question Posted: Aug 27, 2011 09:49 AM

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For the fiscal year, sales were $5,280,000, sales discounts were $100,000, sales returns and allowances were $75,000,

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Accounting

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