Please how to get the answer and explain the steps to get the correct answer listed at the bottom in parenthesisAnswers
HI,
For the income Statement we first start with Gross Sales
Gross Sales = number of units sold*per unit price = 587766*15 = $8,816,490
Return = 3% of gross Sales
Hence Net Sales = 8816490*97% = $8,551,995.3
Total Bought units = 550000 at $9
Carry forward inventory= 85000 at $9
but since sold units are 587766 hence we will take cost also fro 587766 units only
So total Cost of good sold = 587766*9 = $5,289,894
So below will be total Income Statement and Net Income for Dangerous Dragon
So Net Income is $119,171.6 = $119,172
Thanks
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