Given: Gross sales, $50,000; sales returns and allowances, $6,000; beginning inventory, $4,000; net purchases, $8,000; ending inventory, $2,000; operating expenses, $4,500. Calculate (A) net sales, (B) cost of merchandise (goods sold), (C) gross profit from sales, and (D) net income.



2. Given: Gross sales—$75,000; sales returns and allowances— $4,000; beginning inventory—$5,000; net purchases—$9,000; ending inventory—$3,000; operating expenses—$13,900. Calculate A. Net Sales, B. Cost of Merchandise (goods sold) C. Gross Profit from Sales, D. Net Income



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