Andrea’s Fashions sold merchandise for $203000 cash during the month of July. Returns that month totaled...
Andrea’s Fashions sold merchandise for $203000 cash during the month of July. Returns that month totaled $3100. If the company’s gross profit rate is 40%, Andrea’s will report monthly net sales revenue and cost of goods sold of
Homework Answers
Answers :
Net sales = $199,900
Cost of Goods Sold = $ 119,940
Net sales = Total Sales - Sales Returns = 203,000-3,100 = $199,900(Answer)
Cost of Goods Sold = Net sales *(1- Gross Profit Ratio ) =199,900-(1-0.40) =199,900*0.60= $119,940 (Answer)
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