A company reported the following: Cost of Goods sold General, Selling, and Administrative Expenses Income Tax...

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A company reported the following: Cost of Goods sold General, Selling, and Administrative Expenses Income Tax Expense Invento

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Answer 1

Answer #1

Gross profit = $32,900

Working

Sales revenue	$ 240,000.00
Less: Sales discount	$ (3,600.00)
Less: Sales return and allowances	$ (3,500.00)
Net sales		$ 232,900.00
Less: Cost of goods sold		$ 200,000.00
Gross profit		$ 32,900.00

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Answer 2

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