Soriano Company had net sales of $300,000 for the month (after returns and allowances of $1,500...

 

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Soriano Company had net sales of $300,000 for the month (after returns and allowances of $1,500 and sales discounts of $3,250). Beginning inventory for the month was $60,000; purchases for the month were $175,000; and gross profit was 43%. What were the gross sales for the month? Soriano Company had net sales of $300,000 for the month (after returns and allowances of $1,500 and sales discounts of $3,250). Beginning inventory for the month was $60,000; purchases for the month were $175,000; and gross profit was 43%. What were the gross sales for the month?

Answer rating: 100% (QA)

To calculate the gross sales for the month we need to first calculate the Cost of ... View the full answer