Calculate: (a) net sales, (b) inventory shrinkage, (c) gross profit, and (d) net income from the following:

Sales $1,300 Cost of Goods Sold (unadjusted) $1,061

Sales Discount 5 Merchandise Inventory 900

Sales Returns and Physical Inventory Count 884

Allowances 15 Operating Expenses 100

Question

Calculate: (a) net sales, (b) inventory shrinkage, (c) gross profit, and (d) net income from the following:

Sales	$1,300	Cost of Goods Sold (unadjusted)	$1,061
Sales Discount	5	Merchandise Inventory	900
Sales Returns and		Physical Inventory Count	884
Allowances	15	Operating Expenses	100

Quizplus · Accepted Answer

The Answer of Calculate: (a) net sales, (b) inventory shrinkage, (c) gross profit, and (d) net income from the following:

Sales	$1,300	Cost of Goods Sold (unadjusted)	$1,061
Sales Discount	5	Merchandise Inventory	900
Sales Returns and		Physical Inventory Count	884
Allowances	15	Operating Expenses	100

Calculate: (A) Net Sales, (B) Inventory Shrinkage, (C) Gross Profit