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What are net sales-cost of goods purchased and sold

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Reference no: EM131292015

Below are data for Hattie Corporation for the year ended December 31, 2010.

Sales - $250,000

Purchase discounts - 8,000

Sales discounts - 40,000

Operating expenses - 65,000

Sales returns and allowances - 10,000

Freight-in - 30,000

Purchase returns and allowances - 15,000

Inventory, January 1, 2010 - 38,000

Inventory, December 31, 2010 - 32,000

Purchases - 102,000

What are net sales, Cost of Goods Purchased, Cost of Goods Sold, Gross Profit, and Net Income?

Reference no: EM131292015

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