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    Computing Net Income

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    Complete the portion for July 31, 2011 of the income statement shown for miss muffin's bakery using the given information: gross sales $35,568, returns and allowances, $341, cost of beginning inventory, $17,166, cost of purchases, $27,743, cost of ending inventory, $22,037, total operating expenses, $3097, compute net sales, cost of goods sold, gross profit, and net income.

    Find:
    Net sales
    Cost of goods sold
    Gross profit
    Net income

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    https://brainmass.com/economics/investments/computing-net-income-589787

    Solution Preview

    Net Sales = Gross Sales - Returns and Allowances = 35,568 - 341 = 35,227

    Cost of Goods Sold = Cost of Beginning Inventory + ...

    Solution Summary

    The solution shows in a step by step way how to arrive to net sales, cost of goods sold, gross profit, and net income.

    $2.19