Author Question: For the month ending December 31, MidState Machinery had gross sales of $2,684,000, returns of , ... (Read 203 times)

khang · **on:** Feb 26, 2020

Question 1

For the month ending June 30, TriCounty Nursery has net sales of

, cost of goods sold of

and operating expenses of

Find the gross profit and net income.
◦ gross profit: $49,900; net income: $50,000
◦ gross profit: $100,000; net income: $50,000
◦ gross profit: $59,000; net income: $100,000
◦ gross profit: $100,000; net income: $59,000

Question 2

For the month ending December 31, MidState Machinery had gross sales of $2,684,000, returns of

, cost of beginning inventory $566,000, cost of purchases $1,279,000, cost of ending inventory

, total operating expenses $141,000. Find the net sales and cost of goods sold.
◦ net sales: $2,684,000; cost of goods sold: $1,339,000
◦ net sales: $2,624,000; cost of goods sold: $1,339,000
◦ net sales: $2,624,000; cost of goods sold: $1,279,200
◦ net sales: $2,624,000; cost of goods sold: $141,000

yifu223 · **Reply #1 on:** Feb 26, 2020

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