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Income Statement for Merchandiser For the fiscal year, sales were $7,702,000, sales disco

Income Statement for Merchandiser For the fiscal year, sales were $7,702,000, sales disco

Income Statement for Merchandiser

For the fiscal year, sales were $7,702,000, sales discounts were$148,000, sales returns and allowances were $111,000, and the costof merchandise sold was $4,440,000.

What was the amount of net sales and gross profit?

a) Net Sales?

b) Gross Profit?

c)If total operating expenses were $1,350,000, could youdetermine net income?

Abhinav 04-Dec-2019

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