Question: Compute for the net sales that would be reported in LIVA company's Income Statement. You are to be assigned to prepare the financial statement of

Compute for the net sales that would be reported in LIVA company's Income Statement.

You are to be assigned to prepare the financial statement of LIVA Company for the year 2021. The following data were made available for you:

Ending Inventory at Cost - 739, 160

Goods Available for Sale at retail - 3, 930, 000

Sales Discount - 16, 000

Net markdowns - 48, 500

Net markups - 30, 000

Beginning inventory at retail - 1, 450, 000

Purchases at retail - 2, 422, 000

The company adopts the average cost approach to estimate the value of its inventory and the cost ratio is computed at 68%.

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