Set up a complete skeletal statement: Gross sales 129,350 ...

[lunatika]

Set up a complete skeletal statement:
  Gross sales 129,350
  Customer returns  10,600
  Gross margin 46.2
  Profit  3,800
 
  What will be an ideal response?

Question 2

Calculate profit/loss percent, given:
  Net sales 1,230,600
  Cost of merchandise sold 609,147
  Expenses 553,770
 
  a. Profit 3.50
  b. Profit 4.50
  c. Profit 5.50
  d. Profit 6.50

[Zack0mack0101@yahoo.com]

Answer to Question 1

Net sales = 129,350 - 10,600 = 118,750

Net sales 118,750 100.00
Cost of merchandise sold 63,887 53.80
Gross margin 54,863 46.20
Expenses 51,063 43.00
Profit  3,800 3.20

Answer to Question 2

c. Profit 5.50

[lunatika]

YES! Correct, THANKS for helping me on my review

[Mochi]

Thanks for the timely response, appreciate it