Question: 2. (20 Points) Using the following information, calculate for 2014 (a) net sales, (b) cost of goods sold, (c) gross margin, and (d) net income.

2. (20 Points) Using the following information, calculate for 2014 (a) net sales, (b) cost of goods sold, (c) gross margin, and (d) net income. Freight-In Merchandise Inventory, December 31, 2013 Sales Purchases Returns and Allowances Advertising Expense Purchases Merchandise Inventory, December 31, 2014 Sales Returns and Allowances General and Administrative Expenses $ 200 15,000 60,000 300 4,000 20,000 5,000 500 7,000

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