Accounting Problem 1. Below are accounting information taken from the
book of MGC Company for the month of April 2019:
Required:
1. Determine the following:
a Net Sales
b. Net Purchases
c. Cost of Goods Sold
d. Gross Profit
Gross Sales
320,560
Sales Return
7,900
Sales Discounts
6,200
Purchases
125,100
Freight-in
12,800
Purchase Returns 13,780
Purchase Discounts 3,390
Utilities Expenses 15,600
Salaries and Wages 42,700
Rent Expense
33,700
Advertisement Expenses 12,500
Depreciation
1,290
Tax Expense
15,000
Beginning Inventory 198,100
Ending Inventory 128,600