Net sales equals ________. A) sales minus cost of goods sold ...

[bcretired]

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

[nixon_s]

Answer to Question 1

B

Answer to Question 2

a

[bcretired]

Thanks for the timely response, appreciate it

[amynguyen1221]

YES! Correct, THANKS for helping me on my review