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As the accountant of Race Co., you have been requested to calculate (a) net sales, (b) cost of merchandise sold, (c) gross profit, and (d) net income from the following: gross sales, $40,000; sales returns, $3,000; beginning inventory, $6,000; net purchases, $8,000; ending inventory, $1,000; operating expenses, $9,200.

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Answer:

(a) Net sales = Gross sales - Sales return

Net sales = $40,000 - $3,000 = $37,000

(b) Cost of merchandise sold = Beginning inventory + Net purchase - Ending inventory

Cost of merchandise sold = $6,000 + $8,000 - $1,000 = $13,000

(c) Gross profit = Net sales - Cost of merchandise sold

Gross profit = $37,000 - $13,000 = $24,000

(d) Net income = Gross profit - Operating expenses

Net income = $24,000 - $9,200 = $14,800

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