Use this information to answer the following question. $$\begin{array} {| l | r | r | }
\hline \text { Account Name } & { \text { Debit } } & { \text { Credit } } \
\hline \text { Sales } & & 303,000 \
\text { Sales Retums and Allowances } & 10,000 & \
\text { Purcha5es } & 68,000 & \
\text { Purchases Returns and Allowances } & &8,000 \
\text { Freight-In } & 12,000 & \
\text { Selling Exgenses } & 30,000 & \
\text { General and Administrative Exgenses } & 110,000 &\
\hline
\end{array}$$ In addition,beginning merchandise inventory was $22,000 and ending merchandise inventory was $14,000.
Net sales for the period were

Question

Use this information to answer the following question. $$\begin{array} {| l | r | r | } 
\hline \text { Account Name } &  { \text { Debit } } & { \text { Credit } } \
\hline \text { Sales } & & 303,000 \
\text { Sales Retums and Allowances } & 10,000 & \
\text { Purcha5es } & 68,000 & \
\text { Purchases Returns and Allowances } & &8,000 \ 
\text { Freight-In } & 12,000 &  \
\text { Selling Exgenses } & 30,000 & \
\text { General and Administrative Exgenses } & 110,000 &\
\hline
\end{array}$$ In addition,beginning merchandise inventory was $22,000 and ending merchandise inventory was $14,000.
Net sales for the period were

Quizplus · Accepted Answer

We need to use the formula:

Net Sales = Gross Sales - Sales Returns and Allowances - Discounts

From the given information, we have:
Gross Sales = $300,000
Sales Returns and Allowances = $3,000
Discounts = $4,000

Substituting these values in the formula, we get:

Net Sales = $300,000 - $3,000 - $4,000

Net Sales = $293,000

Therefore, the correct answer is C) $293,000.

Use This Information to Answer the Following Question In Addition,beginning Merchandise Inventory Was $22,000 and Ending Merchandise Inventory