Question: 23. Set up a complete skeletal statement: Net sales $720,500 Expenses $291,400 Cost of merchandise sold $378,090 24. Set up a complete skeletal statement: Gross

23. Set up a complete skeletal statement: Net sales $720,500 Expenses $291,400 Cost of merchandise sold $378,090 24. Set up a complete skeletal statement: Gross sales $362,350 Customer returns $ 22,154 Gross margin 51.9% Profit $ 10,800

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