Calculate: (a)net sales, (b)cost of goods sold, (c)gross profit,and (d)net income from the following:
$$\begin{array} { l r l r }
\text { Sales } & \$ 2,000 & \text { Beginning Inventory } & \$ 500 \
\text { Sales Discount } & 50 & \text { Net purchases } & 1,200 \
\text { Sales Returns \& } & & \text { Ending Inventory } & 700 \
\text { Allowances } & 80 & \text { Operating Expenses } & 300
\end{array}$$

Question

Calculate: (a)net sales, (b)cost of goods sold, (c)gross profit,and (d)net income from the following:
 $$\begin{array} { l r l r } 
\text { Sales } & \$ 2,000 & \text { Beginning Inventory } & \$ 500 \
\text { Sales Discount } & 50 & \text { Net purchases } & 1,200 \
\text { Sales Returns \& } & & \text { Ending Inventory } & 700 \
\text { Allowances } & 80 & \text { Operating Expenses } & 300
\end{array}$$

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:
 $$\begin{array} { l r l r } 
\text { Sales } & \$ 2,000 & \text { Beginning Inventory } & \$ 500 \
\text { Sales Discount } & 50 & \text { Net purchases } & 1,200 \
\text { Sales Returns \& } & & \text { Ending Inventory } & 700 \
\text { Allowances } & 80 & \text { Operating Expenses } & 300
\end{array}$$

Calculate: (A)net Sales, (B)cost of Goods Sold, (C)gross Profit,and (D)net