Hair World Inc is a wholesaler of hair supplies Hair World uses a perpetual inve

Question

Hair World Inc is a wholesaler of hair supplies Hair World uses a perpetual inventory system The following Sold merchandise for cash (cost of merchandise $20,797) $35,200 Received merchandise returned by customers as unsatisfactory (but in perfect 400 condition), is cash refund (original cost of merchandise $240) Sold merchandise (costing $3.8O0| to a customer, on account with terms 2.'t0. n/30 8.000 Collected half of the balance owed by the customer m (cl within the discount period 3,920 Granted a partial allowance relating to credit sales that the customer n (c) hold not yet paid 128 Required: Compute Sales Revenue Net Sales and Gross Pro* tor Man world

Explanation / Answer

Answer:

Gross Profit=Net Sales-COGS

=42592-(20797-240+3800)

=18235

Net sales=43200-400-128-80

=42592

Sales Revenue 43200 Net Sales 42592 Gross Profit 18235

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