Calculate: (a) net sales, (b) cost of goods sold, (c) gross profit, and (d) net income from the following:
$$\begin{array} { l r l r }
\text { Sales } & \$ 1,300 & \text { Beginning Inventory } & \$ 11 \
\text { Sales Discount } & 5 & \text { Net Purchases } & 1,050 \
\text { Sales Returns and } & & \text { Ending Inventory } & 16 \
\text { Allowances } & 15 & \text { Operating Expenses } & 100
\end{array}$$

Question

Calculate: (a) net sales, (b) cost of goods sold, (c) gross profit, and (d) net income from the following:
$$\begin{array} { l r l r } 
\text { Sales } & \$ 1,300 & \text { Beginning Inventory } & \$ 11 \
\text { Sales Discount } & 5 & \text { Net Purchases } & 1,050 \
\text { Sales Returns and } & & \text { Ending Inventory } & 16 \
\text { Allowances } & 15 & \text { Operating Expenses } & 100
\end{array}$$

Quizplus · Accepted Answer

The Answer of Calculate: (a) net sales, (b) cost of goods sold, (c) gross profit, and (d) net income from the following:
$$\begin{array} { l r l r } 
\text { Sales } & \$ 1,300 & \text { Beginning Inventory } & \$ 11 \
\text { Sales Discount } & 5 & \text { Net Purchases } & 1,050 \
\text { Sales Returns and } & & \text { Ending Inventory } & 16 \
\text { Allowances } & 15 & \text { Operating Expenses } & 100
\end{array}$$

Calculate: (A) Net Sales, (B) Cost of Goods Sold, (C)