Posted: February 8th, 2017

Find the net sales and cost of goods sold.

Solve the problem.

For the month ending December 31, MidState Machinery had gross sales of $4,207,000, returns of $68,800, cost of beginning inventory $502,000, cost of purchases $1,484,000, cost of ending inventory 0,000, total operating expenses 5,900. Find the net sales and cost of goods sold.

net sales: $4,207,000; cost of goods sold: $1,416,000

net sales: $4,138,200; cost of goods sold: $1,416,000

net sales: $4,138,200; cost of goods sold: $135,900

net sales: $4,138,200; cost of goods sold: $2,716,300