For the fiscal year, sales were $5,280,000, sales discounts were $100,000, sales returns and allowances were $75,000, and the cost of merchandise sold was $3,000,000.

What was the amount of net sales and gross profit?

a. Net Sales=5,105,000

b.Gross Profit=2,105,00

Is that correct?

Net Sales = Sales - Sales Discounts - Sales Returns & Allowances.

Gross Profit = Net Sales - Cost of Goods Sold

Net Sales = Sales - Sales Discounts - Sales Returns & Allowances.

Gross Profit = Net Sales - Cost of Goods Sold


That is what I believe I did, Thank You!