Frango Company reported the following year end amounts: Total Sales $22,400 Sales Discounts 400 Sales Returns...
Frango Company reported the following year end amounts:
|
Total Sales |
$22,400 |
|
Sales Discounts |
400 |
|
Sales Returns |
? |
|
Cost of Goods Sold |
14,000 |
|
Gross Proft |
2,900 |
What is the company's Sales Returns for the year?
Select one:
A. $1,440
B. $5,100
C. $7,240
D. $1,980
Homework Answers
| Gross Profit =Net Sales - Cost of goods sold | ||
| Gross Profit =(Sales-Sales Discounts-Sales returns) - Cost of goods sold | ||
| $2,900 = ($22,400 - $400 - Sales returns) - $14,000 | ||
| Sales Returns =$22,400 - 400 -14,000 - 2,900 =$5,100 | ||
| So option B is correct answer | ||
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