Homework Answers
Given that gross margin percentage is 70%
Gross margin/Net sales = 70%
161,000/Net sales = 70%
Net sales = 161,000/70% = 230,000
Net sales = Gross sales - Sales discount - Sales returns and allowances
230,000 = Gross sales - 8,900 - 7,100
Gross sales = 246,000
Option D
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