Question

Concord’s Fabrics sold merchandise for $209000 cash during the month of July. Returns that month totaled $3400. If the company’s gross profit rate is 35%, Concord will report monthly net sales revenue and cost of goods sold of

$209000 and $133640.

$209000 and $135850.

$205600 and $71960.

$205600 and $133640.

Answer 1

Answer: - + (0) $ 205600 and $ 133640 Gived Sales Sales Returns Gross Profit $ 209000 $ 3400 35% Rate Calculation of Net Sales Revenue and cont of Goods sold ci) Net Sales an Net sales is the net amount of sales that the Company will get from sales after deducting the sales nefunns, allowances and sales discount | Net Sales · Sales - Returns - Allowances – Discounts. : $ (209000 - 3400) : $ 205600 205600 ci) cost of Goods sold_ I cost of Goods sold is the amount of goods that costs associated with the total production of goods. Cost of Goods - Begining t Purchques - Ending sold Iquenborg Inventory [OR] cost of Goods Sold : Net sales - Gross Profit $ 205600 - (205600 X35%) : $ 133 6áo. Answer $ 205600 $ 133640 700.) Net sales - - Cost of Goods sold $ 205600 and $ 133640