Presented below is financial information for two different companies.
|
Nam |
Mayo |
|
|
Company |
Company |
|
|
Sales |
$90,000 |
(d) |
|
Sales returns |
(a) |
$ 5,000 |
|
Net sales |
84,000 |
100,000 |
|
Cost of goods sold |
56,000 |
(e) |
|
Gross profit |
(b) |
41,500 |
|
Operating expenses |
15,000 |
(f) |
|
Net income |
(c) |
15,000 |
Instructions
(a) Determine the missing amounts.
(b) Determine the gross profit rates. (Round to one decimal place.)