Sales Sales discounts Sales returns and allowances Cost of goods sold $153,000 4,000 17,000 89,364 $610,000...

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Sales Sales discounts Sales returns and allowances Cost of goods sold $153,000 4,000 17,000 89,364 $610,000 13,500 6,000 368,

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Answer 1

Answer #1

Net sales = Sales - Sales discounts - Sales returns and allowances

Gross profit = Net sales - Cost of goods sold

Gross margin ratio = Gross profit / Net sales

	(a)	(b)	(c)	(d)
Net sales	$132,000	$590,500	$36,200	$255,500
Gross profit	$42,636	$222,028	$8,326	$105,777
Gross margin ratio	32.3%	37.6%	23%	41.4%

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Answer 2

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