Question: Set up a complete Profit & Loss skeletal statement using the information given below: Gross sales $129,350 Customer returns $ 10,600 Gross margin 46.2% Profit

Set up a complete Profit & Loss skeletal statement using the information given below:

Gross sales $129,350

Customer returns $ 10,600

Gross margin 46.2%

Profit $ 3,800

(Carry all answers to 2 decimal places)

What are the Net Sales dollars? $ _________

What is the Cost of Merchandise Sold? $ ________

What are the Expense dollars? $ _________

What is the Profit % _________%

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