## Answers

**1.**

Sales | $225,600 |

Less: Sales discounts | 2,250 |

Less: Sales returns and allowances | 12,000 |

Net sales | $211,350 |

**2.**

Invoice cost of merchandise purchases | $92,000 |

Add: Costs of transportation in | 4,600 |

Less: Purchases discounts | 2,000 |

Less: Purchases returns and allowances | 4,500 |

Total cost of merchandise purchased | $90,100 |

**3.**

| |||

Sales | $225,600 | ||

Less: Sales discounts | 2,250 | ||

Less: Sales returns and allowances | 12,000 | ||

Net sales | $211,350 | ||

Cost of goods sold: | 74,500 | ||

Gross profit | 136,850 | ||

Operating expenses: | |||

Selling expenses: | |||

Sales salaries expense | 32,000 | ||

Rent expense-selling space | 8,000 | ||

Store supplies expense | 1,500 | ||

Advertising expense | 13,000 | ||

Total selling expenses | 54,500 | ||

General and administrative expenses: | |||

Office salaries expense | 28,500 | ||

Rent expense-office space | 3,600 | ||

Office supplies expense | 400 | ||

Total general and administrative expenses | 32,500 | ||

Total operating expenses | 87,000 | ||

Net operating income | $49,850 |

**4.**

| |

Revenues: | |

Net sales | $211,350 |

Expenses: | |

Cost of goods sold | 74,500 |

Selling expense | 54,500 |

General and administrative expense | 32,500 |

Total expenses | 161,500 |

Net operating income | $49,850 |

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