A company purchased $9,400 worth of merchandise. Transportation costs were an ad

Question

A company purchased $9,400 worth of merchandise. Transportation costs were an additional $60. The company later returned $1,700 worth of merchandise and paid the invoice within the 3% cash discount period. The total amount paid for this merchandise is:

A company had expenses other than cost of goods sold of $280,000. Determine sales and gross profit given cost of goods sold was $115,000 and net income was $180,000.

A company had sales of $735,000 and cost of goods sold of $298,000. Its gross profit equals:

Explanation / Answer

1) When the company had sales of $735,000 and cost of goods sold of $298,000. The Gross profit is equal to = 735000-298000 = $437,000

2)When the company had expenses other than cost of goods sold of $280,000. Then the sales and gross profit given cost of goods sold was $115,000 and net income was $180,000 are as follows :

Gross profit =Expense - net income = 280,000- 180,000= $100,000

Sales = Gross profit +Cost of goods sold = 100000 + 115000 = $215,000

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