Author Question: Net sales equals ________. A) sales minus cost of goods sold B) sales minus sales returns and ... (Read 413 times)

bcretired · **on:** Jul 5, 2018

Net sales equals ________.

A) sales minus cost of goods sold
B) sales minus sales returns and allowances minus sales discounts
C) sales divided by net income
D) net income divided by sales

Question 2

Assuming that the company uses the perpetual inventory system, determine the gross profit for the sale of May 23using the FIFO inventory cost method.
a. 108
b. 120
c. 72
d. 180