Homework Answers
Solution:
Net purchases = Purchases + Freight In - Purchase returns and allowances - Purchase discounts
= $100,000+ $4,000 - $2,000 - $1,000 = $101,000
Net sales = Gross sales - Sales returns and allowances = $140,000 - $15,000 = $125,000
Cost of goods sold = Beginning merchandise inventory + Net Purchases - Ending inventory
= $8,000 + $101,000 - $10,000 = $99,000
Gross Profit = Sales - Cost of goods sold = $125,000 - $99,000 = $26,000
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