Calculate net sales and cost of goods sold

Reference no: EM13259468

Purchases.....................	250,000	FreightIn..................	8,000
Sales discounts.............	4,000	Purchase returns........	7,000
Inventory		Sales......................	400,000
December 31, 20X1.....	20,000	Purchase discounts....	3,000
December 31, 20X2.....	30,000	Sales returns.............	8,000
Administrative Expenses	20,000

Calculate net sales, cost of goods sold,gross profit and net income.

Reference no: EM13259468

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