<p>Part 1&nbsp;:Displayed below are five transactions&nbsp;</p> <p>(1) Beginning

Question

<p>Part 1&nbsp;:Displayed below are five transactions&nbsp;</p>
<p>(1) Beginning merchandise inventory = $15,800 <br />&nbsp;&nbsp;&nbsp; Purchases = <span><span face="Times New Roman">$15,800&nbsp;</span></span><br />&nbsp;&nbsp;&nbsp; Cost of merchandise available for sale = ?? &nbsp; <br />&nbsp;&nbsp; <br />&nbsp;&nbsp; <br />(2) Net sales&nbsp; = $65,000<br />&nbsp;&nbsp;&nbsp; Cost of merchandise sold $45,500<br />&nbsp;&nbsp;&nbsp; Gross profit on sales ??</p>
<p>(3) Net purchases = $25,500<br />&nbsp;&nbsp;&nbsp; Transport in = $3,400<br />&nbsp;&nbsp;&nbsp; Cost of delivered merchandise&nbsp; ??</p>
<p>(4) Sales = $120,000<br />&nbsp;&nbsp;&nbsp; Sales return of allowances = $12,000<br />&nbsp;&nbsp;&nbsp; Net sales&nbsp;&nbsp; ??</p>
<p>(5) Gross profit = $20,200<br />&nbsp;&nbsp;&nbsp; Operating expenses = $16,400 <br />&nbsp;&nbsp;&nbsp; Net profit &nbsp;&nbsp;&nbsp; ??<br />&nbsp;</p>
<p>Instruction: Compute the missing amounts.&nbsp;</p>

Explanation / Answer

1.75000+15800= $90800 2.65000-45500= $19500 3. 25500+3400= $28900 4. 120000-12000= $108000 5.20200-16400= $3800

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