Net sales and gross profit
Mayflower Supply House had gross sales revenue of $1,700,000, cost of goods sold of $950,000, sales returns and allowances of $52,500, and allowed sales discounts of $30,000.
Compute for the year:
$\begin{array}{|l|l|}
\hline\text { (a) Net sales. } & \$\underline{\quad\quad} \
\hline\text { (b) Gross profit. } & \$\underline{\quad\quad} \
\hline\text { (c) Gross profit rate. } &\underline{\quad\quad}\% \
\hline
\end{array}$

Question

Net sales and gross profit
Mayflower Supply House had gross sales revenue of $1,700,000, cost of goods sold of $950,000, sales returns and allowances of $52,500, and allowed sales discounts of $30,000.
Compute for the year: 
$\begin{array}{|l|l|}
\hline\text { (a) Net sales. } & \$\underline{\quad\quad} \
\hline\text { (b) Gross profit. } & \$\underline{\quad\quad} \
\hline\text { (c) Gross profit rate. } &\underline{\quad\quad}\% \
\hline
\end{array}$

Quizplus · Accepted Answer

The Answer of Net sales and gross profit
Mayflower Supply House had gross sales revenue of $1,700,000, cost of goods sold of $950,000, sales returns and allowances of $52,500, and allowed sales discounts of $30,000.
Compute for the year: 
$\begin{array}{|l|l|}
\hline\text { (a) Net sales. } & \$\underline{\quad\quad} \
\hline\text { (b) Gross profit. } & \$\underline{\quad\quad} \
\hline\text { (c) Gross profit rate. } &\underline{\quad\quad}\% \
\hline
\end{array}$

Net Sales and Gross Profit Mayflower Supply House Had Gross

Net Sales and Gross Profit
Mayflower Supply House Had Gross