Purchases.....................
|
250,000 |
|
FreightIn.................. |
8,000 |
| Sales discounts............. |
4,000 |
|
Purchase returns........ |
7,000 |
| Inventory |
|
|
Sales...................... |
400,000 |
| December 31, 20X1..... |
20,000 |
|
Purchase discounts.... |
3,000 |
| December 31, 20X2..... |
30,000 |
|
Sales returns............. |
8,000 |
| Administrative Expenses |
20,000 |
Calculate net sales, cost of goods sold,gross profit and net income.