Quertion:
Aerosmith Company's accounting records show the following at year-end: Purchase discounts, $3,400; Freight-in, $6,100; Sales, $240,000; Purchases, $162,500; Beginning inventory, $18,000; Ending inventory, $20,000; Sales discounts, $10,000; Purchase returns, $5,200; and Operating expenses, $57,000.
Compute the following amounts for Aerosmith Company: net sales, cost of goods purchased, cost of goods sold, gross profit, and net income.