Question: 2008 2007 Increase/Decrease Amount Percent $122,000 $ 147,600 Revenue Gross Sales Less: Sales Returns and Allowances Net Sales Cost of Goods Sold 14,200 16,300
2008 2007 Increase/Decrease Amount Percent $122,000 $ 147,600 Revenue Gross Sales Less: Sales Returns and Allowances Net Sales Cost of Goods Sold 14,200 16,300 107,800 131,300 Merchandise Inventory, Jan. 1 69,100 61,500 Net Purchases 63,400 45,000 Goods Available for Sale 132,500 106,500 Less: Merchandise Inventory, Dec. 31 78,100 51,500 Cost of Goods Sold 54,400 55,000 Gross Margin 53,400 76,300
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