The JBY Corporation is concerned about inventory shrinkage (or loss). The company provides you with the...

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The JBY Corporation is concerned about inventory shrinkage (or loss). The company provides you with the following information in random order for 2021: Gross sales Freight-in Sales discounts Gross purchases Beginning inventory Purchase returns and allowances Ending inventory Sales returns and allowances. Normal gross profit percentage on net sales.... $200,000 5,000 2,000 154,000 25,000 4,000 20,000 8,000 20% Required The cost of sales for 2021 equals The net sales for 2021 equals: The gross profit for 2021 equals The estimated amount of inventory shrinkage (or loss) is: The JBY Corporation is concerned about inventory shrinkage (or loss). The company provides you with the following information in random order for 2021: Gross sales Freight-in Sales discounts Gross purchases Beginning inventory Purchase returns and allowances Ending inventory Sales returns and allowances. Normal gross profit percentage on net sales.... $200,000 5,000 2,000 154,000 25,000 4,000 20,000 8,000 20% Required The cost of sales for 2021 equals The net sales for 2021 equals: The gross profit for 2021 equals The estimated amount of inventory shrinkage (or loss) is:

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