Contemporary Mathematics for Business & Consumers 8th Edition by Robert Brechner,Geroge Bergeman

Exercise 38

For August, Island Traders, Inc. had the following financial information: merchandise inventory. August 1, $244,500; merchandise inventory, August 31, $193,440; gross purchases, $79,350; purchase returns and allowances, $8,700; and freight in, $970.
a. What is the amount of the goods available for sale
b. What is the cost of goods sold for August
c. If net sales were $335,000, what was the gross margin for August
d. If total operating expenses were $167,200, what was the net profit