Two different companies, Ripper and Berners, entered into the following inventory transactions during December. Both companies...

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Two different companies, Ripper and Berners, entered into the following inventory transactions during December. Both companie

b. What is the amount of net sales to be reported on Ripper Corporations income statement? Net Sales C. What is the Ripper C

business accounting

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Answer 1

Answer #1

b. Net Sales

Sales	486,000.00
Inventory Returned	- 4,700.00
Discount	- 4,813.00
Net Sales	476,487.00

c.

Net Sales	476,487.00
Cost of Goods Sold	306,012.00
Gross Profit	170,475.00
Gross Profit Percentage	35.78%

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Answer 2

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