Using the following information to answer items 11 thru 15. Sales 500,000, Sales Returns 10,000,...
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Using the following information to answer items 11 thru 15. Sales 500,000, Sales Returns 10,000, Sales Discounts 10,000, Purchases 130,000 Purchase returns 10,000, Purchase discounts 20,000 Freight In 20,000, Selling expenses 50,000 General expenses 170,000, inventory-beg 27,000 Inventory-end 20,000 11. Net sales for the period are 1. $500,000 2. $480,000 3. $490,000 4. $520,000 12. Net purchases for the period are 1. $100,000 2. $120,000 3. $150,000 4. $160,000 13. Cost of goods sold for the period is 1. $147,000 2. $107,000 3. $127,000 4. none of the above 14. Gross Margin for the period is 1. $353,000 2. $333,000 3. $303,000 4. none of the above 15. Net income for the period is 1. $113,000 2. $133,000 3. $126,000 4. none of the above
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