1 x fe Exercise 2 Exercise 2 In each case, use the following information to calculate the missing information: ? 19,200 32,000 384,000 Grosales Sales discounts Sales returns and allowances Net sales Merchandise inventory, January 1 Purchases Purchase discounts Purchase returns and allowances Net purchases Transportation in Net cost of purchases Cost of goods available for sale? Merchandise inventory, December 31 Cost of goods sold Gross margin Care2 640,000 $ ? $ 25,600 19,200 44.800 608,000 1,209,600 $ 256,000 $ 384,000 768,000 $ 7,680 13.440 24,320 31,360 352,000 $ 25,600 38,400 377,600 761,600 1,081,600 3R4,000 12,800 32,000 672,000 32,000 320,000 $ 1,088,000 448,000 640.000 320,000 512,000 Exercise In each of the following equations supply the missing terms 1 Net sales Gross sales- Sales returns and allowances) 2 Cost of goods sold Beginning inventory. Net cost of purchases 3 Gross margin --Cost of goods sold 4 Income from operations -Operating expenses S Net income income from operations