Question: Using the following information, calculate (a) Net sales, (b) Beginning inventory, (c) Cost of goods sold, (d) Gross margin, and (e) Net income (Income after

Using the following information, calculate (a) Net sales, (b) Beginning inventory, (c) Cost of goods sold, (d) Gross margin, and (e) Net income (Income after taxes). Sales salaries expense $ 7,000 Sales (gross) 90,000 Ending Inventory 16,000 Purchase returns and allowances 500 General and administrative expenses 8,000 Selling expenses 3,000 Sales discounts 1,200 Freight in 1,500 Freight out 2,500 Prepaid expenses 5,000 Purchases (gross) 30,000 Cost of goods available for sale 63,000 Income taxes rate = 30%

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