Please do not give solution in image format thanku 2. Answer the questions using the information below. The fiscal period begins on May 1, 2021.CapitalDrawingsFreight InFreight OutInventory (May 1, 2021),PurchasesPurchase Returns and AllowanceInventory (April 30, 2022)SalesSales Return and Allowances28,0008,1103,92076,912415,0007,20088,399918,00018,000a) What is the Net Sale formula and answer?b) What is Cost of Goods Available for Sale formula and answer?c) What is Gross Profit formula and answer?178,600.

Net sales is the sales revenue after taking benefit of all sales returns and allowances. Cost of…

2. Answer the questions using the information below. The fiscal period begins on May 1, 2021. 178,600 Capital Drawings Freight In Freight Out Inventory (May 1, 2021) Purchases Purchase Returns and Allowance Inventory (April 30, 2022) 28,000 8,110 3,920 76,912 415,000 7,200 88,399 918,000 18,000 Sales Sales Return and Allowances a) What is the Net Sale formula and answer? b) What is Cost of Goods Available for Sale formula and answer? c) What is Gross Profit formula and answer?

2. Answer the questions using the information below. The fiscal period begins on May 1, 2021. 178,600 Capital Drawings Freight In Freight Out Inventory (May 1, 2021) Purchases Purchase Returns and Allowance Inventory (April 30, 2022) 28,000 8,110 3,920 76,912 415,000 7,200 88,399 918,000 18,000 Sales Sales Return and Allowances a) What is the Net Sale formula and answer? b) What is Cost of Goods Available for Sale formula and answer? c) What is Gross Profit formula and answer?

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter18: Accounting For Income Taxes

Section: Chapter Questions

Problem 18E

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